MGIC Writes More MI in August, Delinquencies Down

MGIC announced its monthly operating statistics today forrnAugust, showing an increase in mortgage insurance and a decrease in delinquencies.  New insurance written inrnAugust totalled $1.3 bln.  This is thernhighest level of the year, although July 2011, January 2011  and Augustrnof 2011 all stood at $1.2 bln. </p

The company also reported a decrease in the number ofrndelinquent loans on its books, from 185,093 in July to 183,338 in August, also downrn23.73% from one year ago (225,310 in Aug 2010).  The improving delinquency rate isrnattributable both to “cures” (borrowers who got caught up) as well as lowerrnamount of new delinquencies in the month – 14,580 down from 15,187.</p

The increase in MI policies may also be boosted, in part byrnPMI’s announcement that it was exiting the business on August 19^th.  </p<table style="font-size:11px" border="1" cellpadding="2" cellspacing="0"<tbody<tr

 </td

Change</td</tr<tr

 </td

Aug-10</td

Apr-11</td

May-11</td

Jul-11</td

Aug-11</td

MoM</td

YoY</td</tr<tr

Primary New Insurance Written ($ Billions)</td

$1.2 B</td

$0.9 B</td

$1.0 B</td

$1.2 B</td

$1.3 B</td

7.69%</td

7.69%</td</tr<tr

Beginning Primary Delinquent Inventory
(# of loans)</td

229,012</td

195,885</td

189,433</td

184,452</td

185,093</td

0.35%</td

-23.73%</td</tr<tr

Plus: New Notices</td

16,197</td

12,075</td

13,764</td

15,180</td

14,587</td

-4.07%</td

-11.04%</td</tr<tr

Less: Cures</td

14,919</td

13,171</td

11,476</td

10,317</td

11,719</td

11.96%</td

-27.31%</td</tr<tr

Less: Paids (including those charged to a deductible or captive)</td

3,984</td

4,643</td

4,539</td

3,727</td

4,047</td

7.91%</td

1.56%</td</tr<tr

Less: Rescissions and Denials</td

996</td

713</td

666</td

495</td

576</td

14.06%</td

-72.92%</td</tr<tr

Ending Primary Delinquent Inventory (# of loans)</td

225,310</td

189,433</td

186,516</td

185,093</td

183,338</td

-0.96%</td

-22.89%</td</tr</tbody

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