MILWAUKEE, July 11, 2016 /PRNewswire/ -- MGIC Investment
Corporation (NYSE: MTG) has announced plans to release its
2nd quarter 2016 financial results before the market
opens on Tuesday, July 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 June 30, 2016.
Individuals interested in joining over the phone should dial
1-866-793-1343 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
August 19, 2016, under Investor
Information.
MGIC also today issued an Operational Summary of its insurance
subsidiaries for the month of June
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.
|
|
June
2016
|
June
2015
|
Change
|
Insurance in Force
(billions)
|
|
$177.5
|
$168.8
|
5.2%
|
Flow
Only
|
|
$167.5
|
$157.5
|
6.3%
|
|
|
|
|
|
Beginning Primary
Delinquent Inventory (# of loans)
|
|
52,990
|
68,224
|
(22.3%)
|
Plus: New Delinquency
Notices
|
|
5,818
|
6,346
|
(8.3%)
|
Less:
Cures
|
|
4,964
|
5,611
|
(11.5%)
|
Less: Paids
(including those charged to a deductible or captive
reinsurer)
|
|
1,093
|
1,417
|
(22.9%)
|
Less: Rescissions and
Denials (2)
|
|
58
|
64
|
(9.4%)
|
Less: Items
removed from inventory
|
|
135(1)
|
1,121(2)
|
(88.0%)
|
Ending Primary
Delinquent Inventory (# of loans)
|
|
52,558
|
66,357
|
(20.8%)
|
|
|
|
(1)
|
Includes 135 loans
whose insurance was terminated by agreement to settle coverage on
certain non-performing loans. The agreement became effective
in the second quarter of 2016 and did not have a material financial
impact in the quarter.
|
|
(2)
|
Refer to our Form
10-Q filed with the Securities and Exchange Commission on August
10, 2015 for information about (a) loans removed from our inventory
in June 2015 in relation to our Countrywide settlement agreement
and (b) our prior suspension of certain rescissions and the
number of rescissions suspended as of June 30, 2015. There were no
rescissions suspended as of June 30, 2016.
|
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, 2016, MGIC had $177.5 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-2nd-quarter-2016-earnings-call-and-releases-monthly-operating-statistics-300296039.html
SOURCE MGIC Investment Corporation