MILWAUKEE, July 10, 2018
/PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has
announced plans to release its 2nd quarter 2018 financial results
before the market opens on Wednesday, July
18, 2018. A conference call/webcast has been scheduled
for 10:00 a.m. Eastern Time to
discuss the Company's results for the quarter ended June 30, 2018.
Individuals interested in joining over the phone should dial
1-844-231-8825 ten minutes before the conference call begins. The
call is also being webcast and can be accessed via the company's
website http://mtg.mgic.com under Newsroom. A replay of the webcast
will be available on the company's website through August 18, 2018, under Newsroom.
MGIC also today issued an Operational Summary of its insurance
subsidiaries for the month of June
2018 for their primary mortgage insurance. The summary
is also available on the company's 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.
|
|
June
2018
|
June
2017
|
Change
|
Insurance in Force
(billions)
|
|
$200.7
|
$187.3
|
7.2%
|
Flow
Only
|
|
$193.3
|
$178.6
|
8.2%
|
|
|
|
|
|
Beginning Primary
Delinquent Inventory (# of loans) (1)
|
|
37,264
|
41,652
|
(10.5%)
|
Plus: New Delinquency
Notices
|
|
4,274
|
5,159
|
(17.2%)
|
Less:
Cures
|
|
4,954
|
4,568
|
8.5%
|
Less:
Paids
|
|
516
|
861
|
(40.1%)
|
Less: Rescissions and
Denials
|
|
31
|
34
|
(8.8%)
|
Less: Items removed
from inventory (2)
|
|
-
|
31
|
|
Ending Primary
Delinquent Inventory (# of loans) (1)
|
|
36,037
|
41,317
|
(12.8%)
|
|
(1)
|
There were 8,690,
7,828, 6,032, and 5,958 loans in our Primary Delinquent Inventory
as of May 31, 2018, June 30, 2018, May 31, 2017, and June 30, 2017,
respectively, that were located in the geographical areas that the
Federal Emergency Management Agency declared Individual Assistance
Disaster Areas as a result of hurricanes Harvey, Irma, and Maria,
which occurred in August – September 2017.
|
(2)
|
Includes loans whose
insurance was terminated by agreement to settle coverage on certain
non-performing loans. The agreement did not have a material
financial impact.
|
About MGIC
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. At June 30, 2018, MGIC had $200.7 billion of primary insurance in force
covering approximately one million mortgages.
From time to time MGIC Investment Corporation releases important
information via postings on its corporate website, including
corrections of previous disclosures, without making any other
disclosure and intends to continue to do so in the future.
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 can be found
at http://mtg.mgic.com under Investor Information.
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SOURCE MGIC Investment Corporation