MILWAUKEE, July 11, 2016 /PRNewswire/ -- MGIC Investment Corporation 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
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