Last month, MGIC Guaranty Insurance Corp. increased its new business, reduced the number of past-due policies and saw its delinquency rate decline. The mortgage insurance company, however, has continued to watch its book of business diminish.
The volume of new mortgage insurance policies written by the Milwaukee-based company was $2.6 billion during October, according to monthly operational data released Friday.
Business improved from the prior month, when $2.2 billion in mortgages were insured. During the same month last year, MGIC wrote $1.4 billion in new policies.
From Jan. 1 through Oct. 31 of this year, MGIC wrote $19.8 billion in new policies.
Based on 1,026,200 policies in force as of Sept. 30 and a declining trend since June 30, Mortgage Daily estimates that MGIC’s policies in force as of Oct. 31 slipped to around 1,020,153. The total has not increased since at least 2010.
As of the end of last month, 146,282 insured loans were delinquent, fewer than 148,885 past-due policies as of the end of June and 179,824 insured mortgages with late payments as of the same point in 2011.
Using estimated outstanding policies and last month’s number of delinquent policies, the delinquency rate was around 14.34 percent as of Oct. 31.
The rate fell from 14.51 percent as of Sept. 30. Estimated delinquency as of Oct. 31, 2011, was 16.35 percent.
