New business improved to the highest level in 2014 at MGIC Guaranty Insurance Corp., while loan performance hasn’t been this good in years.
In a monthly operational report, the Milwaukee-based company said that it wrote $2.8 billion in primary new insurance during May.
It was the best month for the mortgage insurance company since August of last year, when M.I. volume came in at $2.9 billion.
In April, MGIC generated $2.3 billion in new business.
Activity was unchanged from May 2013.
During the five months ended May 31, 2014, primary new insurance written amounted to $10.3 billion.
The mortgage insurer said that its primary delinquent inventory ended last month at 86,415 loans.
Delinquent loans stood at 87,987 one month earlier and 119,091 twelve months earlier.
Mortgage Daily estimates that MGIC had approximately 942,198 policies in force as of May 31 — putting delinquency at around 9.17 percent.
The rate of delinquency was lower than at any time since at least 2009 — the oldest data maintained by Mortgage Daily.
Estimated delinquency improved from 9.30 percent at the end of April and 12.22 percent as of May 31, 2013.
