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MGIC Investment Corp

MGIC Investment Corp (MTG)

23.39
-0.14
(-0.59%)
Closed July 18 4:00PM
23.39
0.00
( 0.00% )
Pre Market: 7:00AM

Real-time discussions and trading ideas: Trade with confidence with our powerful platform.

Key stats and details

Current Price
23.39
Bid
-
Ask
-
Volume
-
0.00 Day's Range 0.00
16.30 52 Week Range 23.837
Market Cap
Previous Close
23.39
Open
-
Last Trade
Last Trade Time
-
Financial Volume
-
VWAP
-
Average Volume (3m)
1,637,607
Shares Outstanding
266,587,218
Dividend Yield
2.39%
PE Ratio
8.75
Earnings Per Share (EPS)
2.67
Revenue
1.16B
Net Profit
712.95M

About MGIC Investment Corp

MGIC Investment Corp provides private mortgage insurance and other services to mortgage lenders, covering them against defaults by homeowners on residential mortgages. The insurance premiums that these customers pay for the protection accounts for close to 90% of the company's total revenue. Investm... MGIC Investment Corp provides private mortgage insurance and other services to mortgage lenders, covering them against defaults by homeowners on residential mortgages. The insurance premiums that these customers pay for the protection accounts for close to 90% of the company's total revenue. Investment income accounts for most of the remaining revenue. The company sells its insurance products in all 50 states of the United States and in Puerto Rico. Its greatest exposure is in California, Florida, Texas, Pennsylvania, and Ohio. Show more

Sector
Surety Insurance
Industry
Surety Insurance
Website
Headquarters
Milwaukee, Wisconsin, USA
Founded
1970
MGIC Investment Corp is listed in the Surety Insurance sector of the New York Stock Exchange with ticker MTG. The last closing price for MGIC Investment was $23.39. Over the last year, MGIC Investment shares have traded in a share price range of $ 16.30 to $ 23.837.

MGIC Investment currently has 266,587,218 shares outstanding. The market capitalization of MGIC Investment is $6.24 billion. MGIC Investment has a price to earnings ratio (PE ratio) of 8.75.

MTG Latest News

MGIC Investment Corporation Schedules 2nd Quarter 2024 Earnings Call

MGIC Investment Corporation Schedules 2nd Quarter 2024 Earnings Call PR Newswire MILWAUKEE, July 1, 2024 MILWAUKEE, July 1, 2024 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) has...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.964.2799821667422.4323.83722.29172282723.14115879CS
42.19.8637858149421.2923.83720.96172135621.96337696CS
123.0915.221674876820.323.83720.015163760721.21346513CS
264.0220.753742901419.3723.83718.68191422320.61238154CS
526.9342.102065613616.4623.83716.3182638219.17105596CS
15610.0975.864661654113.323.83711.375251662215.32682204CS
26010.0375.074850299413.3623.8374.34319723012.875606CS

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MTG Discussion

View Posts
RickNagra RickNagra 2 months ago
Oh wow. $25 on deck.
👍️0
RickNagra RickNagra 3 months ago
Oh wow. Earnings on deck. Blowout earnings expected. Get ready for new high $25 after hours. Oh wow. I am a genius brilliant artist captain astute intelligent intellectual knowledgeable and extremely good looking. Oh wow. Oh boy oh girl.
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RickNagra RickNagra 4 months ago
Oh wow. I am a genius.
🤡 1
RickNagra RickNagra 4 months ago
Oh wow. On fire today.
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RickNagra RickNagra 5 months ago
Oh wow. Does anyone have a copy of the latest Seeking Alpha article ? The title sounded very positive possibly sending us to the $25 land. Oh boy oh girl.
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RickNagra RickNagra 6 months ago
Oh wow. Massive dividend just announced. Oh boy oh girl.
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RickNagra RickNagra 6 months ago
Oh wow. Here comes $20. Oh boy oh girl.
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RickNagra RickNagra 7 months ago
Oh wow.
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RickNagra RickNagra 7 months ago
New 52 week high.
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RickNagra RickNagra 8 months ago
Oh wow. Sparky is not that bright,
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RickNagra RickNagra 8 months ago
Oh wow. $18 printing today. I am a genius.
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RickNagra RickNagra 8 months ago
Oh wow oh yes oh my goodness yes oh yeah oh my gosh.
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RickNagra RickNagra 9 months ago
Oh wow. Blowout earnings.
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RickNagra RickNagra 9 months ago
Oh wow oh wow oh wow Oh wow oh wow oh wow Oh wow oh wow oh wow Oh wow oh wow oh wow Oh wow oh wow oh wow.

https://seekingalpha.com/article/4641110-mgic-investment-may-be-an-attractive-play-on-a-resilient-housing-market?mailingid=33045906&messageid=2800&serial=33045906.271&utm_campaign=rta-stock-article&utm_medium=email&utm_source=seeking_alpha&utm_term=33045906.271
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RickNagra RickNagra 9 months ago
Oh wow.
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RickNagra RickNagra 10 months ago
Oh wow. Fast approaching $18 then $20 then $30 then $150.
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RickNagra RickNagra 11 months ago
Oh wow. $20 on deck.
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sparky0809 sparky0809 1 year ago
A good source for mortgage lending servicing questions can be found at MCC Mortgage Solutions https://www.mcdonaldcomputer.com/mortgage-servicing-news/
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RickNagra RickNagra 2 years ago
New price target is now $22 for sure. I mean come on housing is on fire. Not that houses are on fire cause then the house would burn down. I mean figuratively speaking silly. End of year I see $22 in my crystal ball. It is quite accurate it has predicted the future in excruciating detail. For example it predicted my ex wife would take me to the cleaners and it was right. She took everything. Unbelievable. But that’s besides the point. Where was I ? I got sidetracked oops. Anyways getting back to the topic at hand namely mgic oh yes. Target price is $22 for sure I have completed the analysis analytics metrics and mathematical calculations. I am quite smart intelligent astute brilliant genius and quite good looking as well.
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RickNagra RickNagra 2 years ago
Price target $22 end of year. MTG firing on all cylinders. Housing industry is now on fire. Hot hot hot.
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RickNagra RickNagra 2 years ago
Bad day.
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RickNagra RickNagra 2 years ago
Good day.
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Jetuser Jetuser 3 years ago
Is this going up this December. It has a long term history of that?
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tommiegun54 tommiegun54 3 years ago
PMI STOCKS IMPERILED ON SHUTDOWN OF GOVT TALK AND OVER SUPPLY OF PMI STOCKS

The "Enact" ipo(act) has loaded the PMI SECTOR with competing shares causing the market prices to fall.

Democrats Move to Avert Shutdown, but Divisions Imperil Biden’s Agenda
Democrats prepared a spending bill to keep the government funded past a Thursday deadline, but moderates dug in harder against their ambitious social safety net bill.

Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”
Asked if she were concerned about votes on the infrastructure bill, Speaker Nancy Pelosi said, “One hour at a time.”Credit...T.J. Kirkpatrick for The New York Times
Emily CochraneJim Tankersley
By Emily Cochrane and Jim Tankersley
Published Sept. 29, 2021
Updated Sept. 30, 2021, 10:54 a.m. ET
Follow our live news coverage on the government shutdown and infrastructure bill.

WASHINGTON — Democrats prepared legislation on Wednesday to avert a government shutdown this week, but they were desperately trying to salvage President Biden’s domestic agenda as conservative-leaning holdouts dug in against an ambitious $3.5 trillion social safety net and climate bill that carries many of the party’s top priorities.

Congressional leaders moved to address the most immediate threat, working to complete a bill to prevent a government funding lapse at midnight on Thursday. Yet after days of intensive negotiations to bridge bitter differences in their party over Mr. Biden’s two biggest legislative priorities, the president and top Democrats appeared as far as ever from an agreement on their marquee social policy package, which the White House calls the Build Back Better plan.

That, in turn, was imperiling a $1 trillion bipartisan infrastructure bill that was scheduled for a House vote on Thursday.

The fate of the two measures could define the success of Mr. Biden’s presidency, and the intense negotiations surrounding them have posed a test of his skills as a deal maker, which he highlighted as a calling card during his campaign for the White House. But after days of personal meetings with lawmakers in the Oval Office and phone calls to key players, Mr. Biden remained far

Continue reading the main story

Dramatizing the challenge, Senator Joe Manchin III of West Virginia, a leading holdout on the social policy bill, issued a lengthy and strongly worded statement on Wednesday evening reiterating his opposition to the proposal as currently constituted, saying it amounted to “fiscal insanity.”

“While I am hopeful that common ground can be found that would result in another historic investment in our nation, I cannot — and will not — support trillions in spending or an all-or-nothing approach that ignores the brutal fiscal reality our nation faces,” Mr. Manchin wrote, denouncing an approach that he said would “vengefully tax for the sake of wishful spending.”

The statement was the polar opposite of what Mr. Biden and top Democrats had hoped to extract from Mr. Manchin and other centrist critics of the bill by week’s end — a firm public commitment to eventually vote for the social policy measure, in order to placate liberals who want to ensure its enactment.

Instead, it further enraged progressives who were already promising to oppose the infrastructure bill until Congress acted on the larger social policy plan, which Democrats plan to push through using a fast-track process known as budget reconciliation to shield it from a filibuster. They have been pressing to push off the infrastructure vote until after votes on the reconciliation bill — or, at the very least, after the centrist holdouts provided a firm sense of what they would accept in that package.

Continue reading the main story
“I assume he’s saying that the president is insane, because this is the president’s agenda,” Representative Pramila Jayapal, Democrat of Washington and the leader of the Congressional Progressive Caucus, said of Mr. Manchin. “Look, this is why we’re not voting for that bipartisan bill until we get agreement on the reconciliation bill. It’s clear we’ve got a ways to go.”

“I tell you, after that statement, we probably have even more people willing to vote ‘no’ on the bipartisan bill,” she added.

The impasse left unclear the fate of the infrastructure measure. While a handful of centrist Republicans plan to support it, G.O.P. leaders are urging their members to oppose it, leaving Democrats who hold a slim majority short of votes to pass the bill if progressives revolt.

“The plan is to bring the bill to the floor,” Speaker Nancy Pelosi told reporters, returning to Capitol Hill after huddling at the White House with Mr. Biden and Senator Chuck Schumer of New York, the majority leader. Asked whether she was concerned about the votes, she added, “One hour at a time.”

Continue reading the main story
She spoke shortly after the House passed legislation lifting the statutory limit on federal borrowing until Dec. 16, 2022, an effort to avert a catastrophic federal debt default next month when the Treasury Department says it will breach the current cap.

Senate Republicans blocked a Democratic effort to pair the increase with a spending bill to keep the government funded, and are likely to oppose the House-passed bill, which was approved on a nearly party-line vote of 219 to 212 on Wednesday.

But even as the debt ceiling remained unresolved, Senate leaders scheduled a series of votes for Thursday morning on legislation that would keep the government open through early December and provide crucial aid for disaster relief efforts and Afghan refugees. The House is expected to take up the legislation soon afterward to avoid a shutdown Thursday night.

Politics Updates
Updated
Sept. 30, 2021, 11:17 a.m. ET1 hour ago
1 hour ago
The Senate will vote on a Republican bid to curtail help for Afghans who were evacuated during the U.S. withdrawal.
Paring back the $3.5 trillion social policy bill would be tough, but there are possibilities.
Manchin and Sinema: Two key Democrats whose votes could decide the fate of Biden’s agenda.
Much of the urgency on Wednesday was focused on salvaging the president’s agenda, after Mr. Biden and his aides cleared his schedule on Wednesday in an attempt to broker a deal among Democrats.

ADVERTISEMENT

Continue reading the main story
Some Democrats have complained this week that the president has not engaged in talks to their satisfaction. He welcomed groups of progressives and moderates to the White House last week, for example, but met with each separately, as opposed to holding a group negotiating session.

And efforts by Mr. Biden and his team to pressure Mr. Manchin and Senator Kyrsten Sinema of Arizona, another Democratic holdout on the reconciliation bill, appear to have fallen flat. Officials have been working for days to persuade the pair to specify how much they would be willing to spend on the package, calculating that such a commitment would allay the worries of progressives now refusing to support the infrastructure bill.

“Joe Biden is the only president in American history to have passed a relief package of the significance of the American Rescue Plan with zero margin for error in the Senate and three votes to spare in the House,” said Andrew Bates, a spokesman for the White House, referring to the $1.9 trillion pandemic relief package that became law in March. “He knows how to make his case, he knows how to count votes, and he knows how to deliver for the American middle class.”

Both Ms. Sinema and Mr. Manchin visited the White House on Tuesday, but after their meetings, neither they nor White House officials would enumerate the contours of a bill they could support. Top White House officials also trekked to Capitol Hill on Wednesday to huddle privately with Ms. Sinema for more than two hours.

“The president felt it was constructive, felt they moved the ball forward, felt there was an agreement, that we’re at a pivotal moment,” Jen Psaki, the White House press secretary, told reporters on Tuesday, characterizing the meetings. “It’s important to continue to finalize the path forward to get the job done for the American people.”

Mr. Biden held conversations with various lawmakers throughout the day on Wednesday and planned to continue them on Thursday, White House officials said.

Image
Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.
Senator Kyrsten Sinema of Arizona and other centrist holdouts haven’t provided a firm sense of what they would accept in the reconciliation bill.Credit...Sarahbeth Maney/The New York Times
Privately, administration officials said Mr. Biden was continuing to take an encouraging role with Mr. Manchin and Ms. Sinema, and not demanding they agree to anything immediately. Both senators have yet to publicly do so, even as liberal Democrats continue to publicly fume over the reticent.

In his statement on Wednesday, Mr. Manchin said he wanted to set income thresholds for many of the social program expansions Democrats have proposed. He suggested that he would be open to undoing some components of the 2017 tax cut.

Moderate House Democrats, who helped secure a commitment for a vote this week on the infrastructure bill, warned that a failed vote would worsen the already deep mistrust between the two factions of the party.

“If the vote were to fail tomorrow or be delayed, there would be a significant breach of trust that would slow the momentum in moving forward on delivering the Biden agenda,” said Representative Stephanie Murphy of Florida, one of the moderates who sought to decouple the two plans.

Even as they labored to work out philosophical differences in their party on the bill, Democrats suffered yet another setback on Wednesday when the Senate’s top rules enforcer rejected a second proposal to include a path to legal status for about eight million undocumented immigrants in the reconciliation bill.

In a memo obtained by The New York Times, Elizabeth MacDonough, the Senate parliamentarian, wrote that the policy change “vastly outweighs its budgetary impact,” effectively disqualifying it from inclusion in a measure whose contents must have a direct impact on the federal budget.

In their latest effort, Democrats had proposed moving up the date for a process known as immigration registry, which allows otherwise law-abiding undocumented immigrants who have been in the United States continuously since a certain date to adjust their status and gain a pathway to citizenship. The current date, established in 1986, is set at Jan. 1, 1972. Democrats had sought to change that date to Jan. 1, 2010.

After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal.
After days of personal meetings with lawmakers in the Oval Office and phone calls to key players, President Biden remained far short of a deal. Credit...Doug Mills/The New York Times
Last week, Ms. MacDonough rejected Democrats’ initial proposal to grant legal status to several categories of undocumented people, including those brought to the United States as children, known as Dreamers; immigrants who were granted Temporary Protected Status for humanitarian reasons; people working in the country under nonimmigrant visas; close to one million farmworkers; and millions more who are deemed “essential workers.

Continue reading the main story
She said those changes to immigration law could not be included, under the Senate rules, in the reconciliation package because they represented a “tremendous and enduring policy change that dwarfs its budgetary impact.”

Democrats said they would continue to look for alternative strategies to aid immigrants through the reconciliation proceed."
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tommiegun54 tommiegun54 3 years ago
STOCK MARKETS TANKS BE CAREFUL!

S&P 500 down 1.5% this morning ??.
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tommiegun54 tommiegun54 3 years ago
"CoreLogic: 1.2 Million Homes with Negative Equity in Q2 2021"

From CoreLogic: Homeowners Gained $2.9 Trillion in Equity in Q2 2021, CoreLogic Reports

CoreLogic® ... today released the Homeowner Equity Report for the second quarter of 2021. The report shows U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 29.3% year over year, representing a collective equity gain of over $2.9 trillion, and an average gain of $51,500 per borrower, since the second quarter of 2020.
...
“The growth in homeowner equity provides a strong financial cushion for tens of millions Americans. For those most impacted by the pandemic, equity gains will help play a critical role in staving off foreclosure,” said Frank Martell, president and CEO of CoreLogic. “Based on projected increases in economic activity and home values over the next year, we expect to see further gains in equity and a corresponding drop in negative equity, forbearance rates and foreclosure.”
...
Negative equity, also referred to as underwater or upside down mortgages, applies to borrowers who owe more on their mortgages than their homes are currently worth. As of the second quarter of 2021, negative equity share, and the quarter-over-quarter and year-over-year changes, were as follows:"
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tommiegun54 tommiegun54 3 years ago
Foreclosure Starts Rise Following Moratorium Expiration

Sep 22 2021, 1:08PM

MORTGAGE NEWS DAILY
BY: JANN SWANSON

"Delinquencies hit a new post-pandemic low in August as the national delinquency rate fell by 84,000 loans or 3.48 percent compared to July. It was 41.84 percent below the level in August of 2020. Black Knight, in its "first look" at the months loan performance data, said the 1.122 million loans that were 30 or more days past due but not in foreclosure, were down by 1.557 million on an annual basis. In January of 2020, one month before the first cases of COVID-19 were reported, the national delinquency rate was 3.3 percent.

Serious delinquencies, those loans 90 or more days past due but not in foreclosure, remain elevated, but even they have been improving steadily. Serious delinquencies fell 108,000 from July and are down more than 1 million from the level in August 2020. Still, 1.339 million loans remain in that bucket, 930,000 more than before the pandemic.

There was an uptick in foreclosure starts during the month, not surprising since the federal foreclosure moratorium ended at the end of July. The 7,000 starts represented a 69 percent increase from July and was 18.33 percent higher year-of-year. Most of these loans had been in the foreclosure process prior to the moratorium. Foreclosure activity is still well below more "normal" levels, there were 80 percent fewer starts last month than in August 2019.

The foreclosure inventory, the number of loans in the process of foreclosure, increased by 2,000 during the month to 142,000 loans. A year earlier the inventory contained nearly 200,000 distressed loans.

The single month mortality (prepayment) rate increased 9.0 percent to a 2.21 percent rate. Low interest rates continue to spur both refinance and purchase activity.

Black Knight will provide a more in-depth review of the August loan performance data in its monthly Mortgage Monitor report. It will be published on Oct. 4, 2021."

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tommiegun54 tommiegun54 3 years ago
MTG IS BEING MANIPULATED BE CAREFUL

AS long as the acquisition underway expect unusual volatility.
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tommiegun54 tommiegun54 3 years ago
MGIC MGMT REITERATE COMMITMENT TO PURCHASE $291 MILLION IN COMPANY STOCK

THE ONLY UPDATE AT BARCLAYS GLOBAL FINANCIAL CONFERENCE WAS TO REPURCHASE COMPANY STOCK $291 MILLION BY END OF 2021.
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tommiegun54 tommiegun54 3 years ago
ON TUESDAY, SEPT 14, 2021 MGIC WILL PRESENT AT THE BARCLAYS GLOBAL FINANCIAL SERVICES CONFERENCE

EXPECT UPDATES IN FOLLOWING AREAS OF THE BUSINESS:

1, Share repurchase program, which has been restarted in Q3 2021. At the end of June 30, 2021. MGIC INVESTMENT CORPORATION had $291 million available for share repurchases.

2, Update on Insurance In Force. MGIC had an industry leading $265.8 billion outstanding as of July 31, 2021.

3, Delinquent Inventory as of August 31, 2021. Defaults declined from 45,101 loans on May 31, 2021 to 41,411 loans as of July 31, 2021.

RADIAN statistical information for August 31, 2021 revealed, that DELINQUENCIES are accelerating downward.

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tommiegun54 tommiegun54 3 years ago
RADIAN DELINQUENCIES DECLINES ACCELERATE IN AUGUST AS CURES INCREASE

DELINQUENCIES DECLINE 6798 So far in Q3 2021.

June 2021 July 2021 August 2021

Beginning Primary Default Inventory (# of loans
42,802 40,464 38,347

New Notices
2,590 2,749 2,680

Cures
(4,784 (4,728). (4,980)

Claims Paid
(151). (141). (29)

Rescissions and Claim Denials, net
(1) 3. (9)

Ending Primary Default Inventory
40,464 38,347 36,004


https://www.radian.com/news-and-knowledge/news?id=21681






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tommiegun54 tommiegun54 3 years ago
MTG (MGIC)SHARE REPURCHASE PROGRAM RESTARTS NOW $291 MILLION AVAILABLE

"Share repurchase programs

At the current market price for MTG, they can repurchase 19 million shares.

Due to the uncertainty caused by the COVID-19 pandemic, we had temporarily suspended stock repurchases but intend to resume them in the third quarter."

We may repurchase up to an additional $291 million of our common stock through the end of 2021 under a share repurchase program approved by our Board of Directors in 2020."

Source: pg 32, SEC 10Q JUNE 2021
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tommiegun54 tommiegun54 3 years ago
BLACK KNIGHT’S FIRST LOOK AT JULY 2021 MORTGAGE DATA: FORECLOSURES MUTED

Overall Mortgage Delinquencies Edge Closer to Pre-Pandemic Levels, But 1.45M Remain Seriously Past Due as Foreclosure Moratorium Expired at End of July

August 20, 2021 Data & Analytics
The national delinquency rate saw a 5% reduction in July and at 4.14% is now down by nearly half since May of last year
Delinquencies have now improved in 12 of the last 14 months, with the two monthly increases being calendar-related as opposed to being indicative of worsening performance
While overall delinquency volumes continue to edge closer to pre-pandemic levels, the number of serious delinquencies were still significantly elevated as federal foreclosure moratoria expired at the end of July
Some 1.45 million borrowers remained 90 or more days past due – but not yet in foreclosure – entering August, more than 1 million more than at the onset of the pandemic
Foreclosure starts remained muted in July, the final month of the foreclosure moratorium on federally backed mortgages, down 58% from the same time last year
While the number of loans in active foreclosure fell by 5,000 to yet another record low, potential foreclosure activity in the coming months warrants close observation
After rising in June, prepayment activity slid by 11% in July; however, low 30-year rates in recent weeks have resulted in a modest resurgence in refinance incentive which may impact August prepay numbers
JACKSONVILLE, Fla. – Aug. 20, 2021 – Black Knight, Inc. reports the following “first look” at July 2021 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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tommiegun54 tommiegun54 3 years ago
NECK TO TOP OF DOUBLE BOTTOM SHOULD BE $15.14 TO $16.50 FOR MTG

As double bottom unfolds on MTG should run to above $16.50/share.
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tommiegun54 tommiegun54 3 years ago
MTG COMPLETING SHORT-TERM DOUBLE BOTTOM

LOOK FOR CONFIRMATION AT $15.05

Here's a chart:

https://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Stock&symb=MTG&x=36&y=13&time=18&startdate=1%2F4%2F1999&enddate=7%2F26%2F2021&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=8&lf=512&lf2=16&lf3=268435456&type=64&style=350&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
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tommiegun54 tommiegun54 3 years ago
Overall Mortgage Delinquencies Edge Closer to Pre-Pandemic Level"

But 1.45M Remain Seriously Past Due as Foreclosure Moratorium Expired at End of July

August 20, 2021
Data & Analytics

The national delinquency rate saw a 5% reduction in July and at 4.14% is now down by nearly half since May of last year
Delinquencies have now improved in 12 of the last 14 months, with the two monthly increases being calendar-related as opposed to being indicative of worsening performance
While overall delinquency volumes continue to edge closer to pre-pandemic levels, the number of serious delinquencies were still significantly elevated as federal foreclosure moratoria expired at the end of July
Some 1.45 million borrowers remained 90 or more days past due – but not yet in foreclosure – entering August, more than 1 million more than at the onset of the pandemic
Foreclosure starts remained muted in July, the final month of the foreclosure moratorium on federally backed mortgages, down 58% from the same time last year
While the number of loans in active foreclosure fell by 5,000 to yet another record low, potential foreclosure activity in the coming months warrants close observation
After rising in June, prepayment activity slid by 11% in July; however, low 30-year rates in recent weeks have resulted in a modest resurgence in refinance incentive which may impact August prepay numbers.

https://www.blackknightinc.com/black-knights-first-look-at-july-2021-mortgage-data/
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tommiegun54 tommiegun54 3 years ago
MGIC BEATS EARNINGS ESTIMATES AND INCREASED BOOK VALUE TO $14.48

MGIC added $4,000 to each reserve for loan losses INVENTORY for a total of $171 million. They ended the quarter with an average reserve per delinquency of $21,147 vs. $17,147 in Q1 2021.

Average claim payments declined to $29.9k from $50.5k in Q1 2021. The decline is attributed to higher home values.

New insurance written was $33.6 billion from $30.8 billion in Q1 2021. Insurance in Force increased to $262 billion from $251.7 billion in Q1 2021.

Overall MGIC had a great quarter, continuing to lead the PMI INDUSTRY.
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tommiegun54 tommiegun54 3 years ago
PMI COMPANIES BEAT ANALYST ESTIMATES IN Q2 2021

RADIAN BEAT ANALYST ESTIMATES BY $.05 AND BOOK VALUE JUMPS 11% YEAR OVER YEAR TO $23.02. Revenues were in line as expected at $337 million vs $332 million.

NMI HOLDINGS BEAT ANALYST ESTIMATES BY $.03. BOOK VALUE INCREASED TO $17.03 FROM $16.07 IN Q1 2021. Revenues were $120.77 million vs estimates of $120.27 million.

MGIC is set to report earnings after the close of the market today.
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tommiegun54 tommiegun54 3 years ago
MGIC EARNINGS FOR Q2 A BLOWOUT OF ANALYST ESTIMATES ~ $.55 or 25% higher

Based on a revenue match and substanial cost reductions in incurred cost from delinquencies declines of approximately $151 million net cash.

CURRENT BOOK VALUE $13.95. Q2 2021 BOOK VALUE ESTIMATED $14.75.
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tommiegun54 tommiegun54 3 years ago
SURGING REAL ESTATE PRICES PART OF BULLISH THEORETICAL UNDERPINNINGS FOR PMI COMPANIES

"Prices of the Most and Least Expensive U.S. Homes Are Surging the Fastest

REDFIN
July 30, 2021 by Lily Katz

Luxury-home prices soared 26% year over year in the second quarter, while prices of the most affordable homes grew 19%. Both segments outpaced the rest of the market.
The median sale price of U.S. luxury homes jumped 25.8% year over year in the second quarter, while the median sale price of the country’s most affordable homes rose 18.7%. By comparison, prices of mid-priced and affordable homes grew just 16% and 13.2%, respectively."


https://www.redfin.com/news/real-estate-price-tier-report-q2-2021/
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tommiegun54 tommiegun54 3 years ago
MGIC INCREASES QUARTERLY DIVIDEND BY 33%

https://mtg.mgic.com/news-releases/news-release-details/mgic-investment-announces-quarterly-dividend-008-share
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tommiegun54 tommiegun54 3 years ago
PMI INDUSTRY ANALYST NEED TO UPDATE THEIR EARNINGS ESTS., MGIC HEADED FOR BLOWOUT

I estimate MGIC will have net cash of $151 million from DELINQUENCY reduction alone in Q2, that works out to about $.44 cents.
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tommiegun54 tommiegun54 3 years ago
BARRON'S RECOMMENDS MGIC(MTG) WITH A $17 PRICE TAG

BARRON'S believes MGIC is a value play that exceeds all other PMI COMPANIES.

CURRENT BOOK VALUE IS $13.95 with an expectancy of $15.50 BY SEPTEMBER 30, 2021(Q3 2021).

https://www.google.com/amp/s/www.barrons.com/amp/articles/buy-mortgage-insurer-stocks-51624556955
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tommiegun54 tommiegun54 3 years ago
MTG/ PMI STOCKS SET TO SKYROCKET AS REVENUES GAIN AND EXPENSES DECLINE FOR Q2 AND H2 2021

Currently, PMI COMPANIES are seeing the best economic conditions since 2018 and pre-covid pandemic.

MGIC WILL EASILY EXCEED THEIR EARNINGS FORECAST FOR NEXT FEW QUARTERS AND 2021.

Mortgage News Daily
"BY: JANN SWANSON

Delinquencies Fall Below Pre-Great Recession Average

Jul 22 2021, 1:15PM

The national delinquency rate dropped by 7.62 percent in June and is now 42.39 percent below its rate at the worst of the pandemic. Black Knight, in its monthly report, says the June rate, at 4.37 percent, was also back below its pre-Great Recession average.

Still, there are 2.32 million homeowners who are 30 or more days past due on their mortgage payments. Even though this is 191,000 fewer delinquent mortgages than in May and 1.714 million fewer than in June 2020, most of those loans, 1.550 million of them, are seriously delinquent, having missed three or more monthly payments. While that is four times the number of seriously delinquent loans that existed prior to the pandemic, it still represents continued improvement. Serious delinquencies are down 119,000 month-over-month and there was an annual decline of 324,000 loans.

Though serious delinquencies remain significantly elevated, the share of mortgages in active foreclosure fell to yet another record low in June at 0.27 percent, in part due, no doubt, to the ongoing foreclosure moratoria. Foreclosure starts did rise by 16 percent to 4,400.

Delinquency rates were highest in Mississippi, Louisiana, Hawaii, Oklahoma, and West Virginia. None of those rates exceeded 8.0 percent.

Lower interest rates resulted in the single month mortality (SMM) or prepayment rate rising for the first time in three months. The 2.28 percent rate was 6.23 percent higher than in May and 160.5 percent above the rate in June of last year.

This information was provided as Black Knight’s “first look” at the June loan performance data. More detailed information will be provided in its next Mortgage Monitor which will be published on August 2."

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tommiegun54 tommiegun54 3 years ago
EXISTING HOME SALES SKYROCKET AND PRICES TOO * PRESENTING BULLISH ECONOMIC BACKDROP

The Economic environment is extremely bullish for PMI COMPANIES THIS SUMMER

"Investor Home Purchases Hit Record, Surpassing Pre-Pandemic Levels

July 22, 2021
by Lily Katz and Sheharyar Bokhari

Investors took the housing market by storm in the second quarter—buying up $49 billion worth of homes—as surging property prices and rental demand created opportunities for hefty profits.

Multifamily properties remain the most popular among investors, but single-family homes and condos are gaining steam.
Relatively affordable metros including Phoenix and Miami, which have jumped in popularity during the pandemic, are the top markets for investors.

Real estate investors purchased 67,943 U.S. homes in the second quarter of 2021—the highest quarterly figure on record. That’s up 15.1% from the prior quarter, and up 106.7% from the second quarter of 2020, when activity in the housing market was stalled due to pandemic restrictions.

In dollar terms, investors bought a record $48.5 billion worth of homes in the second quarter, up from $38.9 billion in the prior quarter and $20.9 billion a year earlier. The typical home they purchased cost $439,600—23.7% higher than a year earlier—amid surging housing prices.

We define an investor as any institution or business that purchases residential real estate. When we refer to a “record” in this report, the record dates back to the year 2000."

https://www.wsj.com/articles/median-existing-home-price-hit-new-high-in-june-116269630737
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tommiegun54 tommiegun54 3 years ago
MTG ESTIMATED BOOK VALUE FOR Q2 $14.50-$14.75, Q3 2021 $15.25

BASED ON EXCEPTIONAL EARNINGS AS MGIC INVESTMENT RELEASES UP $2 IN BOOK VALUE RELATED TO EARNINGS NET CASH AND, THE RELEASE OF LOAN LOSSES AND LOAN RELATED EXPENSES, MGIC BOOK VALUE WILL MOVE MUCH HIGHER.

Pandemic related claims have fail to appear and claim losses are declining due to broad based gains in the US REAL ESTATE MARKET VALUES.

All indications are that claims cost will continue to moderate going forward. The US BANKING AND FINANCIAL INSTITUTIONS ARE RELEASING RESERVE'S BUILD IN ANTICIPATION OF A PANDEMIC CRISIS, THAT HAS FAILED TO APPEAR.
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tommiegun54 tommiegun54 3 years ago
MGIC AND RADIAN SET UP TO BENEFIT FROM GSE REVERSAL OF MORTGAGE FEE

"Mortgage refinance fee dropped by regulator, lowering costs for borrowers"

PUBLISHED FRI, JUL 16 20211:08 PM EDTUPDATED FRI, JUL 16 20218:22 PM EDT
Diana Olick
@IN/DIANAOLICK
@DIANAOLICKCNBC
@DIANAOLICK

KEY POINTS
Fannie Mae and Freddie Mac are dropping a fee on mortgage refinances that was instituted during the pandemic, according to the Federal Housing Finance Agency.
They were charging lenders a 50 basis-point fee for all loans they delivered to the two mortgage giants, which was designed to cover losses projected as a result of the pandemic.
Fannie Mae building exterior and logo

Fannie Mae and Freddie Mac are dropping a fee on mortgage refinances that was instituted during the pandemic, lowering costs for borrowers, the Federal Housing Finance Agency said Friday.

Fannie and Freddie were charging lenders a 50 basis-point fee for all loans that were delivered to the two mortgage giants. The fee, designed to cover losses projected as a result of the pandemic, was being passed on to borrowers."
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tommiegun54 tommiegun54 3 years ago
PANDEMIC HOME LOSSES FAILED TO APPEAR BIG BANKS RELEASE LOSS RESERVES IN Q2

"The four largest U.S. consumer banks posted blockbuster second-quarter results this week, after pandemic loan losses failed to materialize and the U.S. economy began roaring back to life.

Wells Fargo & Co (WFC.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N) and JPMorgan Chase & Co (JPM.N) posted a combined $33 billion in profits, buoyed by the release of $9 billion in reserves they had put aside last year to absorb feared pandemic losses.

That was beyond analyst estimates of about $24 billion combined, compared with $6 billion in the year-ago quarter.

Consumer spending has climbed, sometimes beyond pre-pandemic levels, while credit quality has improved and savings and investments have risen, the banks said.

Thanks to extraordinary government stimulus and loan repayment holidays, feared pandemic losses have not materialized. A national vaccination roll-out has allowed also Americans get back to work and to start spending again."
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tommiegun54 tommiegun54 3 years ago
CLAIMS FOR Q2 2021 MINUS LOAN LOSSES EQUALS $151 MILLION NET CASH POSITIVE

CLAIMS 343
CLAIMS COST $17 MILLION
DELINQUENT INVENTORY REDUCTION $168 MILLION
= $151 MILLION NET CASH

LOAN LOSS DEVELOPMENT IS PART OF THE EQUATION HOWEVER, THE DELINQUENCY INVENTORY TREND IS DECLINING.

SO, LOAN LOSSES DEVELOPMENT WILL MOST LIKELY BE POSITIVE FOR THE QUARTER FOR THE NET RESERVES
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tommiegun54 tommiegun54 3 years ago
MGIC REMOVES $168 MILLION IN DELINQUENT LOANS IN Q2 2021

MGIC DELINQUENT LOANS DECLINED BY 9,776 TO 42,999 FROM 52,775 IN MARCH 31, 2021, IN Q2 AS BORROWERS CAUGHT UP ON DELINQUENCIES AND OTHERS RESTRUCTURED THEIR LOAN BALANCES.

At the end of the quarter 34% of new delinquency was under forbearance, while 55% of delinquent inventory were in forbearance.

What will MGIC do with the cash?
Add more to reserves for loan losses and #2) Show higher profits in Q2 2021.
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