A "Holy Crap" Cure Rate

MGIC released its February operating statistics that shows all the typical seasonal improvements. That translates into a 115.2% February cure rate compared to 72.7% rate in January. Cure rates do not include recissions and denials. The improvement was driven by an almost 4000 loan increase in cures and 3000 loan decrease in delinquencies.

The highest cure rate reported by MICA for 2008, 2009, and 2010 occurred in March with rates of 87%, 83.2%, and 123.4% respectively. Here are MGIC's February numbers:

		February 2011
Primary New Insurance Written ($ Billions)		$0.9
Beginning Primary Delinquent Inventory (# of loans)		213,860
Plus: New Notices		14,074
Less: Cures		16,216
Less:  Paids (including those charged to a deductible or captive)		4,331
Less: Rescissions and Denials		941
Ending Primary Delinquent Inventory (# of loans)		206,446