MGIC reports dramatic earnings increase

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Milwaukee-based mortgage insurance firm MGIC Investment Corp. today reported third quarter net income of $72 million, or 18 cents per share, up from $12.1 million, or four cents per share, in the third quarter of 2013.

Total revenues were $235.1 million, down from $254.4 million in the same period a year ago.

The decrease can be attributed in part to lower net premium figures. Net premiums written were $222.9 million, down from $234.3 million in the third quarter of 2013. And net premiums earned were $209 million, down from $231.9 million.

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MGIC wrote $10.4 billion in new insurance during the third quarter, up from $8.6 billion in the same period last year. And the percentage of delinquent loans decreased to 6.9 percent, from 8.9 percent a year ago.

“I am pleased to report we had another profitable quarter and that the amount of new insurance written increased 21 percent, while the delinquency inventory declined more than 25 percent from the same period last year,” said Curt Culver, chairman and chief executive officer of Mortgage Guaranty Insurance Corp. and MTG. Relative to the recently proposed GSE mortgage insurance eligibility requirements he said, “I fully expect that we will comply with the requirements, whether they are modified or not, and that MGIC will remain a vital part of the evolving U.S. housing finance system.”

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