MGIC recovering in line with mortgage industry

Milwaukee-based MGIC Investment Corp. today reported a fourth quarter net loss of $1.4 million, or 0 cents per share, compared with a net loss of $386.7 million, or $1.91 per share, in the same quarter of 2013.

Revenues were $251.9 million, down from $371.4 million in the same period a year ago.

The fourth quarter included a one-time charge of $267.5 million for the settlement of a pool dispute with Freddie Mac.

For the full year, MGIC reported a net loss of $49.8 million, or 16 cents per share, compared with a net loss of $927.1 million, or $4.59 per share, a year ago.

The company wrote $923.5 million in net premiums in 2013, compared to $1.02 billion in 2012.

“I am pleased to report that in 2013 the company made substantial progress on many important issues that had been challenging us,” said Curt Culver, chief executive officer and chairman of Mortgage Guaranty Insurance Corp. and MTG. “We significantly improved the capital position of the company, new insurance written increased 24 percent, new delinquent notices declined 20 percent, the delinquent inventory declined 26 percent, and paid claims fell 28 percent.

“I remain encouraged by the trends in home prices and employment that we have benefited from over the last several quarters and I am optimistic about the prospects for the mortgage insurance industry in 2014 and beyond.”

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