For the first time in more than three years, delinquency at MGIC Guaranty Insurance Corp. has worsened. New business was off too.
The Milwaukee-based company reported in its monthly operational summary that it wrote $2.9 billion in new insurance during January.
Activity slowed from the previous month, when business volume
was $3.3 billion.
But the mortgage insurer managed to improve on January 2014, when it wrote just $1.7 billion in new policies.
MGIC
said its delinquent inventory ended last month at 80,144 months, increasing from 79,901 in December.
It was the first increase since July 2011, when the distressed inventory was 185,093.
As of Jan. 1, 2014, there were 102,351 loans in the delinquent inventory.
Using an estimated 971,381 policies in force as of Jan. 31,
the estimated delinquency rate was a hair over 8.25 percent, up from a hair under 8.25 percent in December.
The estimated delinquency rate was 10.70 percent as of Jan. 31, 2014.
