MILWAUKEE, April 7, 2021 /PRNewswire/ -- MGIC Investment
Corporation (NYSE: MTG) has announced plans to release its
first quarter 2021 financial results after the market closes
on Wednesday May 5, 2021. A
conference call/webcast has been scheduled for 10:00 a.m.
Eastern Time on Thursday May 6,
2021 to discuss the Company's results for the quarter
ended March 31, 2021.
Individuals interested in joining by telephone should dial
1-866-834-4126 ten minutes before the conference call begins. The
call is also being webcast and can be accessed via the company's
investor website http://mtg.mgic.com under Newsroom. A
replay of the webcast will be available on the company's website
through June 6, 2021.
The Company also today issued selected operating statistics
of the primary mortgage insurance of its insurance subsidiaries for
the month of March 2021. The summary is also available on the
company's investor website under Newsroom, Press Releases.
The information concerning new delinquency notices and cures is
compiled from reports received from loan servicers. The level of
new notice and cure activity reported in a particular month can be
influenced by, among other things, the date on which a servicer
generates its report, the accuracy of the data provided by
servicers, the number of business days in a month, transfers of
servicing between loan servicers, and whether all servicers have
provided the reports in a given month. Notices of delinquency
are typically reported to us when loans are two payments past due
(for example, for March we report as a new delinquency any
delinquent loan that missed its February
1st (or earlier) payment that was not previously reported to
us). We expect the number of delinquencies will continue to
be influenced by various factors related to the COVID-19 pandemic,
including its length and severity, the length of time that measures
intended to reduce its transmission remain in place, the resulting
level of unemployment, the impact of various government initiatives
to mitigate the resulting economic harm and efforts to reduce its
transmission.
The information concerning the percentage of loans in
forbearance is based on the most recent information provided by
Fannie Mae and Freddie Mac (the GSEs), as well as loan servicers,
and we believe substantially all reported forbearances are related
to COVID-19. While the forbearance information provided by
the GSEs refers to delinquent loans in forbearance as of the prior
month-end, the information provided by loan servicers may be more
current.
|
January
|
February
|
March
|
Beginning Primary
Delinquent Inventory (# of loans)
|
57,710
|
56,315
|
55,103
|
Plus: New Delinquency
Notices
|
4,810
|
4,330
|
3,871
|
Less:
Cures
|
6,094
|
5,446
|
6,088
|
Less: Paid
Claims
|
108
|
95
|
109
|
Less: Rescissions and
Denials
|
3
|
1
|
2
|
Ending Primary
Delinquent Inventory (# of loans)
|
56,315
|
55,103
|
52,775
|
% of New Delinquency
Notices in Forbearance
|
47%
|
46%
|
42%
|
% of Primary
Delinquency Inventory in Forbearance
|
60%
|
61%
|
61%
|
About MGIC
Mortgage Guaranty Insurance Corporation
("MGIC") (www.mgic.com), the principal subsidiary of MGIC
Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping
families achieve homeownership sooner by making affordable
low-down-payment mortgages a reality through the use of private
mortgage insurance.
From time to time MGIC Investment Corporation releases important
information via postings on its corporate website, and via postings
on MGIC's website for information related to underwriting and
pricing, and intends to continue to do so in the future. Such
postings include corrections of previous disclosures, and may be
made without any other disclosure. Investors and other interested
parties are encouraged to enroll to receive automatic email alerts
and Really Simple Syndication (RSS) feeds regarding new postings.
Enrollment information for MGIC Investment Corporation alerts can
be found at https://mtg.mgic.com/shareholder-services/email-alerts.
For information about our underwriting and rates, see
https://www.mgic.com/underwriting.
Cautionary Note Regarding Forward-Looking
Statements
This press release may contain forward looking
statements. Forward looking statements consist of statements which
relate to matters other than historical fact, including matters
that inherently refer to future events and involve certain
important risks and uncertainties, any of which could cause our
actual results to differ materially from those expressed in our
forward-looking statements. More information about the risks,
uncertainties and assumptions affecting the company can be found in
the risk factors included as Exhibit 99 to our Annual Report on
Form 10-K for the year ended December 31,
2020, and in other filings we make with the Securities
and Exchange Commission. No investor should rely on the fact
that such statements are current at any time other than the time at
which this press release was issued.
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SOURCE MGIC Investment Corporation