MGIC Guaranty Insurance Corp. maintained its stellar pace of new business last month while cutting its delinquency rate again.
The mortgage insurance company reported Monday that it wrote
$4.5 billion in primary new insurance during July.
Business didn’t budge from the previous month — when MGIC generated more new business than in any month since at least 2009 based on the oldest available data maintained by Mortgage Daily.
But activity did accelerate from the same month last year, when
$3.5 billion in primary new insurance was written.
Since the beginning of this year,
MGIC has written $25.3 billion in new insurance.
As of June 30, 2015, the Milwaukee-based company had a primary delinquent inventory of 66,121 loans.
That was fewer delinquent loans than at any time since at least 2009 based on the oldest available data.
MGIC cut the inventory from 66,357 as of mid-2015 and
slashed it compared to 83,748 as of July 31, 2014.
Using an estimate of 981,959 policies in force as of the end of last month, the delinquency rate worked out to 6.73 percent.
The rate has never been this low based on the data back to 2009.
Delinquency retreated from 6.78 percent reported as of June 30, 2015, in its quarterly earnings report.
The rate also declined from an estimated 8.75 percent as of July 31, 2014.
