MILWAUKEE, Jan. 9, 2020 /PRNewswire/ -- MGIC Investment
Corporation (NYSE: MTG) has announced plans to release its
4th quarter 2019 financial results before the market
opens on Tuesday, February 4, 2020. A
conference call/webcast has been scheduled for 10:00 a.m. Eastern Time to discuss the Company's
results for the quarter ended December 31,
2019.
Individuals interested in joining over the phone 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
website http://mtg.mgic.com under Newsroom. A replay of the webcast
will be available on the company's website through March 4, 2020.
MGIC also today issued an Operational Summary of its insurance
subsidiaries for the month of December
2019 for their primary mortgage insurance. The summary
is also available on the company's investor website under Newsroom,
Press Releases. MGIC will no longer issue this data on a
monthly basis going forward. Instead, MGIC intends to publish
data about new delinquency notices, cures, and insurance in force
on a quarterly basis in conjunction with the quarterly earnings
release.
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.
|
|
December
2019
|
|
December
2018
|
|
Change
|
Insurance in force
(billions)
|
|
$
|
222.3
|
|
|
$
|
209.7
|
|
|
6.0
|
%
|
Flow only
|
|
$
|
216.7
|
|
|
$
|
202.9
|
|
|
6.8
|
%
|
|
|
|
|
|
|
|
Beginning Primary
Delinquent Inventory (# of loans)
|
|
30,123
|
|
|
33,314
|
|
|
(9.6)
|
%
|
Plus: New Delinquency
Notices
|
|
4,594
|
|
|
4,752
|
|
|
(3.3)
|
%
|
Less:
Cures
|
|
3,940
|
|
|
4,389
|
|
|
(10.2)
|
%
|
Less:
Paids
|
|
301
|
|
|
428
|
|
|
(29.7)
|
%
|
Less: Rescissions and
Denials
|
|
4
|
|
|
16
|
|
|
(75.0)
|
%
|
Less: Items removed
from inventory (1)
|
|
444
|
|
|
335
|
|
|
32.5
|
%
|
Ending Primary
Delinquent Inventory (# of loans)
|
|
30,028
|
|
|
32,898
|
|
|
(8.7)
|
%
|
|
(1)
Consists of loans whose insurance was
terminated by agreements to settle coverage on certain
non-performing and/or performing loans. The agreements did not have
a material financial impact.
|
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. At December 31, 2019, MGIC had $222.3 billion of primary insurance in force
covering over one million mortgages.
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 rate changes, see
https://www.mgic.com/underwriting.
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SOURCE MGIC Investment Corporation