Housing market fuels rebound for MGIC

Reflecting the rebound of the U.S. housing market, Milwaukee-based MGIC Investment Corp. today reported third quarter net income for of $12.1 million, or 4 cents per share, compared with a net loss of $246.9 million, or $1.22 per share, for the same quarter a year ago.


MGIC’s total revenues for the third quarter were $254.4 million, compared with $306.2 million in the third quarter last year.

At Sept. 30, MGIC’s percentage of loans that were delinquent, excluding bulk loans, was 9.69 percent, compared with 11.87 percent at Dec. 31, 2012, and 12.34 percent at Sept. 30, 2012.

MGIC is the nation’s largest private mortgage insurer as measured by $159.2 billion primary insurance in force covering approximately 1.0 million mortgages.

Curt Culver, chief executive officer and chairman of the board of MGIC, said, “I am pleased to report that the favorable economic trends we have been benefiting from relative to home price appreciation and employment over the last several quarters have continued. I am encouraged by the progress we have made this year regarding new business writings and am pleased with the quality and performance of the business written since 2009.”   

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