New business at MGIC Guaranty Insurance Corp. slowed to the lowest level in six months, while the distressed loan inventory hasn’t been this low in at least five years.
The mortgage insurance company reported that it wrote $2.9 billion in primary new insurance during November.
It was the slowest month since May, when $2.8 billion in new policies were generated.
Volume totaled $3.3 billion in October.
MGIC did lift activity, however, from November 2013, when $2.2 billion in new insurance was written.
With just one month left in 2014, year-to-date volume stands at $30.1 billion.
The Milwaukee-based company reported that it ended last month with a delinquent inventory of 80,125 loans — the fewest distressed loans since at least 2009.
There were 82,369 loans in the delinquent inventory a month earlier and 104,637 a year earlier.
Mortgage Daily estimates that MGIC had insurance in force on 967,594 loans as of November — putting the delinquency rate at around 8.28 percent.
The estimated delinquency rate tumbled from 8.54 percent at the end of October and 10.86 percent at the same point in 2013.
