MILWAUKEE, April 8, 2016 /PRNewswire/ -- MGIC
Investment Corporation (NYSE: MTG) has announced plans to release
its 1st quarter 2016 financial results before the market
opens on Tuesday, April 19,
2016. A conference call/webcast has been scheduled for
10:00 a.m. Eastern Time to discuss
the Company's results for the quarter ended March 31, 2016.
Individuals interested in joining over the phone should dial
1-866-802-4321 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 Investor Information. A replay of
the webcast will be available on the company's website through
May 19, 2016, under Investor
Information.
MGIC also today issued an Operational Summary of its insurance
subsidiaries for the month of March
2016 for their primary mortgage insurance. The summary
is also available on the company's website under Investor
Information, 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 number of business days in a month, and
by transfers of servicing between loan servicers.
|
|
March
2015
|
March
2016
|
Change
|
|
Insurance in Force
(billions)
|
|
$166.1
|
$175.0
|
5.4%
|
|
|
|
|
|
|
Beginning Primary
Delinquent Inventory (# of loans)
|
|
75,471
|
60,242
|
(20.2%)
|
|
Plus: New Delinquency
Notices
|
|
5,486
|
4,696
|
(14.4%)
|
|
Less:
Cures
|
|
7,176
|
6,973
|
(2.8%)
|
|
Less: Paids
(including those charged to a deductible or captive
reinsurer)
|
|
1,473
|
1,189
|
(19.3%)
|
|
Less: Rescissions and
Denials
|
|
72
|
48
|
(33.3%)
|
|
Less: Items
removed from inventory
(1)
|
|
-
|
1,138
|
|
|
Ending Primary
Delinquent Inventory (# of loans)
|
|
72,236
|
55,590
|
(23.0%)
|
|
|
|
(1)
|
Includes 732 loans
whose insurance was terminated by agreement to settle coverage on
certain non-performing loans, and 406 loans for which we had
previously suspended rescissions and that were included in a
rescission settlement agreement. Both agreements became effective
in the first quarter of 2016 and neither had a material financial
impact in the quarter.
|
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 March 31, 2016, MGIC had $175.0 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mgic-investment-corporation-schedules-1st-quarter-2016-earnings-call-and-releases-monthly-operating-statistics-300247949.html
SOURCE MGIC Investment Corporation