Although there was no month-over-month change in new business at MGIC Guaranty Insurance Corp., there was a steep incline on a year-over-year basis. Delinquency continued navigating multi-year lows.
Milwaukee-based MGIC wrote $3.6 billion in primary new insurance during April, according to monthly operating statistics.
Business was unchanged from the previous month. From Jan. 1 through April 30, new business amounted to $12.6 billion.
In April 2014, MGIC wrote
just $2.3 billion in new business.
The mortgage insurer said it closed out
last month with a delinquent inventory of 69,630 units, down from 72,236 at the end of March and 87,987 as of April 30, 2014.
Based on data maintained by Mortgage Daily on MGIC back to 2009, the delinquent inventory has never been this low.
Using an estimated 971,659 figure for insurance in force, April’s delinquency rate was an estimated 7.17 percent, declining from 7.44 percent previously reported by MGIC for a month earlier.
Estimated delinquency as of April 2014 was 9.26 percent.