A pattern is developing among mortgage insurance companies including MGIC Guaranty Insurance Corp. where both new business and defaults are declining.
New business at Milwaukee-based MGIC totaled $2.5 billion in September, according to monthly operating statistics released Tuesday.
Primary new insurance written was down from $2.9 billion a month earlier and has been lower for two consecutive months.
Rival Radian Guaranty Inc. also reported today that business was worse two months in a row.
But MGIC, like Radian, managed to lift activity from the same month last year, when $2.2 billion in home loans were insured.
Year-to-date Sept. 30, volume at MGIC amounted to $23.1 billion.
The primary delinquent inventory at MGIC fell to 111,587 loans from 113,328 at the end of August and 148,885 as of Sept. 30, 2012.
Radian also had a month-over-month and year-over-year improvement in the number of delinquent policies.
MGIC’s delinquent inventory has fallen every month since July 2011, when the total was 185,093.
Using an estimated 965,003 insurance policies in force, MGIC’s delinquency rate fell to an estimated 11.56 percent from an estimated 11.70 percent at the end of August and 14.51 percent at the same point last year.
