As it reduces its inventory of delinquent loans and increases its cures, Mortgage Guaranty Insurance Corp. has managed to cut its delinquency rate.
The Milwaukee-based firm reported that it wrote $1.3 billion in new policies last month.
Business was unchanged from January but improved from $0.9 billion in volume during February 2011.
MGIC said that its ending delinquency inventory fell to 168,190 loans in February from 174,418 the prior month. The statistics are based on reports from mortgage servicers.
The delinquency inventory stood much higher in February 2011 at 206,446.
Using an estimate of 1.09 million policies in force, a Mortgage Daily analysis indicates that the delinquency rate was 15.4 percent last month, falling from an estimated 16.0 percent in January.
Estimated delinquency a year earlier was 17.2 percent.
The mortgage insurer said that new delinquency notices fell to 11,221 from January’s 13,700, while cures climbed to 13,168 from 10,662.
