MILWAUKEE, Sept. 9, 2020 /PRNewswire/ -- MGIC
Investment Corporation (NYSE: MTG) today issued an Operational
Summary of its insurance subsidiaries for the month of August 2020 for their primary mortgage
insurance. 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 August we report
as a new delinquency any delinquent loan, that is reported to us as
having missed its July 1st
(or earlier) payment that was not previously reported to us.)
We expect the number of delinquencies will be impacted by the
COVID-19 pandemic. The magnitude of the impact, which may be
significant, will be influenced by various factors, including the
length and severity of the pandemic in the United States, the length of time that
measures intended to reduce the transmission of COVID-19 remain in
place, the resulting level of unemployment, and the impact of
various government initiatives to mitigate the economic harm caused
by COVID-19 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 represents only forbearances 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.
|
June
|
July
|
August
|
Beginning Primary
Delinquent Inventory (# of loans)
|
56,271
|
69,326
|
68,206
|
Plus: New Delinquency
Notices
|
19,358
|
8,463
|
6,423
|
Less:
Cures
|
6,145
|
9,452
|
7,868
|
Less:
Paids
|
153
|
127
|
132
|
Less: Rescissions and
Denials
|
5
|
4
|
3
|
Ending Primary
Delinquent Inventory (# of loans)
|
69,326
|
68,206
|
66,626
|
% of New Delinquency
Notices in Forbearance
|
80%
|
67%
|
59%
|
% of Primary
Delinquent Inventory in Forbearance
|
67%
|
68%
|
68%
|
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.
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 Quarterly Report on
Form 10-Q for the quarter ended June 30,
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