MGIC writes $2.1B in new primary mortgage insurance

MGIC reported its seventh straight quarterly loss today and disclosed that it was actively seeking capital to ensure it can continue to write new mortgage insurance policies.. The Milwaukee-based private mortgage insurer reported a first quarter net loss of $184.6 million, up sharply from $34.5 million a year ago.

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MGIC Investment Corporation (NYSE: MTG) is the parent company of Mortgage Guaranty Insurance Corporation (MGIC), a preeminent mortgage insurer. Established in 1957, MGIC is not only the leader, but also the founder of an industry that has helped millions of families achieve the dream of homeownership.

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The increase was driven by the higher annual persistency on the existing book and the level of new insurance written. The size of the mortgage origination. we expect to write in the existing level.

 · MILWAUKEE, June 10, 2019 /PRNewswire/ — MGIC Investment Corporation today issued an Operational Summary of its insurance subsidiaries for the month of May 2019 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.

Patrick Sinks, CEO of MTG and Mortgage Guaranty Insurance Corporation ("MGIC") said, "In the first quarter our insurance in force increased primarily due to strong persistency and the addition of $10.1 billion of high quality new insurance writings. The current conditions of the employment and housing markets contributed to the continued decline in the primary delinquent inventory and low level of new delinquent notices received."

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