MGIC narrows losses

MGIC Investment Corp. reported a net loss for the first quarter of $19.6 million, or 10 cents per share, compared with a net loss of $33.7 million, or 17 cents per share, for the same quarter a year ago.

The Milwaukee company’s total revenues for the first quarter were $379.7 million, compared with $353.1 million in the first quarter last year.
New insurance written in the first quarter was $4.2 billion, compared to $3.0 billion in the first quarter of 2011. In addition, the Home Affordable Refinance Program accounted for $1.3 billion of insurance that is not included in the new insurance written total due to these transactions being treated as a modification of the coverage on existing insurance in force.
At March 31, 2012, the percentage of loans that were delinquent, excluding bulk loans, was 12.84 percent, compared with 13.79 percent at Dec. 31, 2011, and 13.87 percent at March 31, 2011.
MGIC has lost money in seven consecutive quarters. MGIC is the largest mortgage insurer of both the Fannie Mae and Freddie Mac programs.

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