Following the first increase in delinquency at MGIC Guaranty Insurance Corp. in three years, the level of distressed loans tumbled. New business continued lower.
Last month, the mortgage insurance company wrote
$2.5 billion in primary new insurance, according to monthly operational data.
Business at the Milwaukee-based firm slowed compared to the first month of the year, when new activity came in at $2.9 billion.
It was the second month in a row that volume was down and the slowest month since just $2.3 billion was written in April 2014.
But new business improved from February of last year, when only $1.5 billion in primary new insurance was written.
Year-to-date Feb. 28, MGIC has written $5.4 billion.
MGIC said it closed out February 2015 with a delinquent inventory of 75,471, fewer units than at any time since at least 2009 — the oldest data maintained by Mortgage Daily.
The number of distressed loans tumbled from 80,144 in January and has diminished from 97,588
in February 2014.
Mortgage Daily estimates that MGIC had around 974,014 policies in force as of Feb. 28, 2015, putting last month’s estimated delinquency at 7.75 percent.
Delinquency declined from an estimated rate of 8.25 percent in January and sank from an estimated 10.23 percent in
February 2014.
