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MGIC Investment Corporation reports developments in private mortgage insurance through its principal subsidiary, Mortgage Guaranty Insurance Corporation. MGIC serves mortgage lenders across the United States with insurance solutions that support mortgage credit risk management and low-down-payment lending.
Recurring MTG news includes quarterly operating results, portfolio statistics, new insurance written, reinsurance arrangements, and capital management actions such as dividends and share repurchases. Company updates also cover board and governance changes, lender-facing technology integrations, and product-service enhancements tied to MGIC's mortgage insurance operations.
MGIC Investment Corporation (NYSE: MTG) announced the appointment of Annette M. Adams as Senior Vice President and Chief Human Resources Officer. Previously, Adams served in various human resources roles at Kohl's Inc. and Wisconsin Health Fund. CEO Tim Mattke emphasized that Adams' expertise in fostering engaged and high-performing teams aligns with MGIC's commitment to creating a motivated workforce. Adams holds a Bachelor of Business Administration in Finance and an Executive MBA from the University of Wisconsin.
MGIC Investment Corporation (NYSE: MTG) plans to release its 3rd quarter 2020 financial results on November 4, 2020, followed by a conference call on November 5 at 10:00 a.m. Eastern Time. Selected operating statistics for September 2020 indicate a decline in beginning primary delinquent inventory from 69,326 in July to 66,626, as new delinquency notices decreased from 8,463 to 6,038. However, the percentage of new delinquency notices in forbearance remains high at 56%. The impact of COVID-19 continues to influence delinquency and forbearance rates significantly.
MGIC Investment Corporation (NYSE: MTG) announced that CEO Timothy Mattke will present at the Barclays Global Financial Services Conference on September 15, 2020, at 9 a.m. Eastern Time. The presentation will be held virtually via live webcast. Interested parties can access the webcast on the company’s website, with related slides available prior to the event. A replay will be accessible for 30 days afterward. MGIC serves lenders across the U.S. and beyond, facilitating affordable low-down-payment mortgages.
MGIC Investment Corporation (NYSE: MTG) released its Operational Summary for August 2020, detailing key metrics related to mortgage insurance. The total beginning primary delinquent inventory was 68,206 loans, down from 69,326 in July. New delinquency notices totaled 6,423, a decrease from 8,463 in July, while cures were 7,868. The report indicates that 59% of new delinquency notices were in forbearance, reflecting the ongoing impact of the COVID-19 pandemic on the mortgage industry. The company emphasizes the potential for significant changes based on economic conditions.
MGIC Investment Corporation (NYSE: MTG) announced the results of its cash tender offer for its 5.750% Senior Notes due 2023, which expired on August 12, 2020. Out of $425 million outstanding, $183.61 million (43.20%) were tendered. Holders of validly tendered notes will receive $1,082.50 per $1,000 of principal plus accrued interest, with payments expected on August 13 and August 17, 2020. The Company will finance this with previously announced debt financing. Goldman Sachs acted as the dealer manager for the offer.
MGIC Investment Corporation (NYSE: MTG) has successfully completed a public offering of $650 million in 5.250% senior notes due 2028. The notes will pay interest semi-annually starting February 15, 2021, and will mature on August 15, 2028. Proceeds from this offering will be utilized to finance a cash tender offer for $425 million of previously issued 5.750% Senior Notes due 2023 and to purchase $38.6 million of 9% Convertible Junior Subordinated Debentures due 2063. Remaining funds will support general corporate purposes.
On August 11, 2020, Mortgage Guaranty Insurance Corporation (MGIC) announced the promotion of Danny Garcia-Velez to Vice President, Business Development. Garcia-Velez has been with MGIC since 2017, previously serving as Marketing Program Manager and Director. He also has experience as a Vice President at the Homeownership Preservation Foundation. Jay Hughes, Executive Vice President, praised Garcia-Velez’s problem-solving skills and leadership. MGIC continues to support affordable homeownership across the U.S. and Puerto Rico.
CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC), a subsidiary of MGIC Investment Corporation (NYSE: MTG), have formed a partnership to offer private mortgage insurance to credit unions. This initiative aims to enhance home ownership accessibility for credit union members by minimizing lender risks. The program enables members to acquire homes more swiftly by eliminating the need for a 20% down payment while protecting lenders against defaults on higher loan-to-value mortgages. This collaboration combines over 150 years of experience in mortgage insurance.
MGIC Investment Corporation (NYSE: MTG) has initiated a cash tender offer for its 5.750% Senior Notes due 2023, totaling $425 million. The offer, outlined in an Offer to Purchase dated August 6, 2020, will expire at 5:00 p.m. NY time on August 12, 2020. Holders of the notes will receive $1,082.50 per $1,000 principal for valid tenders, plus accrued interest. The Company plans to settle payments on August 13, 2020. The offer is contingent upon receiving proceeds from a proposed debt financing. Goldman Sachs is the dealer manager, and the tender offer is not a solicitation for purchase.
MGIC Investment Corporation (NYSE: MTG) has announced a public offering of Senior Notes due 2028 alongside a tender offer to purchase outstanding 5.750% Senior Notes due 2023 amounting to $425 million. The proceeds will be used to finance the tender offer and repurchase some of the company's 9.000% Convertible Junior Subordinated Debentures due 2063. Any surplus funds will be allocated for general corporate purposes. Goldman Sachs, Citigroup, and Morgan Stanley are the joint book-running managers for this offering.