Last month turned out a solid performance by MGIC Guaranty Insurance Corp., where new business surged and delinquency continued to decline.
The Milwaukee-based mortgage insurer wrote $3.6 billion in new policies during March, according to monthly operational data distributed Wednesday.
Business surged from the previous month, when just $2.5 billion
in new policies were written, and hasn’t been this high since July 2014.
In March 2014, policies written amounted to $2.0 billion.
Full first-quarter business at MGIC amounted to $9.0 billion.
The mortgage insurance company reported that its delinquent inventory ended last month at 72,236. That’s fewer past-due loans than in any month since at least 2009 — the oldest monthly data maintained on MGIC by Mortgage Daily.
Distressed outstandings descended from 75,471 in February and 91,842 in March 2014.
Using an estimated 976,600 in total insurance policies in force, the estimated rate of delinquency declined to 7.40 percent as of March 31 from 7.75 percent at the end of February and 9.67 percent at the same point last year.
