Jul. 24, 2014, 8:21 AM
- MGIC Investment (NYSE:MTG) CEO Curt Culver (age 62) will retire, effective March 1, 2015, and become non-executive chairman. He will be replaced by current COO Patrick Sinks, who has also been appointed to the board.
- Culver joined MGIC in 1982 and has been CEO since 2000 and Chairman since 2005.
- Source: Press Release
- Shares +0.1% premarket
Jul. 16, 2014, 7:57 AM
- Net income of $45.5M of $0.12 per share vs. $12.4M and $0.04 one year ago.
- Commenting on the proposed new GSE eligibility capital requirements, CEO Curt Culver expects MTG to have plenty to say during the comment period, but says the company can meet the standards even if they were to become effective in their current form.
- Back to operations, new insurance written of $8.3B rises from $8B a year ago, with persistency rising to 82.4% from 78%.
- Percentage of loans (excluding bulk) delinquent of 7.3% falls from 10.16% a year ago.
- Conference call at 10 ET
- Shares -3.6% premarket
- Previously: MGIC Investment misses by $0.02, misses on revenue
Jul. 16, 2014, 7:04 AM| Comment!
Jul. 15, 2014, 5:30 PM
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Jul. 11, 2014, 9:14 AM
Jul. 11, 2014, 8:38 AM
- An update on the mortgage insurers as a premarket slump in their stock prices has turned into a rout in the wake of proposed new rules from the FHFA which would force sizable capital raises. MGIC Investment (MTG) -15%, Radian (RDN) -7.2%, Genworth (GNW) -4.8%. Also worth keeping an eye on is Old Republic (ORI).
- Goldman chimes in, removing MGIC from its Conviction Buy list.
- There's no action in newer mortgage insurers National MI (NMIH) and Essent Group (ESNT), but neither are burdened by any legacy issues and both welcome the new rules, with Essent saying it's already in compliance.
- NMIH response
- Previously: Radian is not pleased
- Previously: Genworth will need to raise about $500M
Jul. 11, 2014, 7:15 AM
- A check of the mortgage insurers the morning after the FHFA released the proposed Private Mortgage Insurer Eligibility Requirements (PMIERs) finds Radian (RDN) lower by 2.8%, MGIC (MTG) by 2.6%, and no action in Genworth (GNW), Essent Group (ESNT), and NMI Holdings (NMIH). The revised PMIERs would require higher capital standards on the mortgage insurers Fannie Mae (FNMA) and Freddie Mac (FMCC) do business with.
- The new rules are open for comment until September 8, and Radian expects to give the FHFA an earful, including noting the new capital requirements "are more onerous than the company's historical default experience suggests would be needed to withstand a severe stress event." The proposed PMIERs, says Radian, are also not consistent with the FHFA's goal of expanding access to mortgage credit by boosting the role of private capital in the mortgage market.
- Radian also notes it is likely to be January 2017 before compliance with any new rules would be required.
Jul. 10, 2014, 4:24 PM
- Primary new insurance written of $3.2B in June compares to $2.8M in May and $2.8B a year ago. June 30 ending delinquent inventory of 85,416 loans slips from 86,415 a month earlier. One year ago, it was 117,105.
- Press release
- The quick read says MGIC saw a boost in new insurance written from both a month previous and a year ago - a good thing given the slowdown in the housing market. Nevertheless, shares are sharply lower after-hours, and it could be the minor reduction in delinquent inventory which previously had been rolling off far faster.
- MTG -3.8% AH
Apr. 22, 2014, 5:08 PM
- A check of action in the mortgage insurers today following MGIC Investment's (MTG +7.3%) Q1 results finds them accentuating the positive. MGIC's earnings came in ahead of expectations as legacy issues continue to fade, but the mortgage/housing slowdown is also leaving a mark. New insurance written fell from a year ago, as did revenue and net premiums written.
- CEO Curt Culver notes the "significant decline in refinance transactions compared to last year and the slow start in home sales."
- Genworth (GNW +4.7%), Radian (RDN +3.7%), Old Republic (ORI +2.1%), NMI Holdings (NMIH +1.1%), Essent Group (ESNT +0.2%).
Apr. 22, 2014, 8:02 AM
- Q1 net income of $60M of $0.15 per share compares to loss of $72.9M or $0.31 per share one year ago.
- Primary insurance in force of $157.9B down from $159.5B a year ago. Persistency (percentage of insurance remaining in force from one year prior) of 81.1% vs 78.7%. Percentage of loans delinquent (excl. bulk loans) of 7.92% compares to 10.91% one year ago.
- New insurance written in Q1 of $5.2B vs. $6.5B one year ago. Total revenue of $235.1M vs. $269.2M. Net premiums written of $218M vs. $248.5M.
- Losses incurred of $122.6M falls from $266.2M.
- CC at 10 ET
- Press release, Q1 results
- MTG +0.1% premarket
Apr. 22, 2014, 7:02 AM
Apr. 22, 2014, 12:05 AM
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Mar. 11, 2014, 8:26 AM| Comment!
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