Tuesday, March 8, 2011

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)


Beginning Primary Delinquent Inventory (# of loans)


Plus: New Notices


Less: Cures


Less:  Paids (including those charged to a deductible or captive)


Less: Rescissions and Denials


Ending Primary Delinquent Inventory (# of loans)


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