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 accuracy of the data provided by servicers, the number of business days in a month, transfers of servicing between loan servicers, and whether all servicers have provided the reports in a given month.
MGIC’s insurance in force for November 2017 totaled $193.5 billion, up from $181.3 billion in November 2016, a change of 6.7 percent. The beginning primary delinquent inventory totaled 43,816 in November 2017, down from 50,612 in November 2016, a change of 13.4 percent.
New delinquency notices for non-hurricane-impacted areas totaled 4,350 in November 2017, down from 4,953, a change of 12.2 percent. For hurricane-impacted areas, the totals were 4,525 in November 2017 and only 633 in November 2016, an increase of 614.8 percent.
Hurricane-impacted areas are locations that the Federal Emergency Management Agency has declared Individual Assistance Disaster Areas as a result of hurricanes Harvey, Irma, and Maria. There were 12,626 and 7,156 loans in MGIC’s Ending Primary Delinquent Inventory as of November 30, 2017, and 2016, respectively, that were located in these areas. Based on MGIC’s analysis and past experience, they do not expect the increased level of notices received in those areas to result in a material increase in incurred losses or paid claims.
The ending primary delinquent inventory in November 2017 was 46,900 and 50,136 in November 2016, a change of 6.5 percent.
You can see the full details of MGIC’s monthly operating statistics for November 2017 by clicking here.