MGIC Slashes Jobs, Posts Aug Stats - Analyst Blog
09 9월 2011 - 9:30PM
Zacks
Private mortgage insurer, MGIC Investment Corp.
(MTG) recently announced 19 layoffs at its
Milwaukee headquarters, including five positions associated with
the company’s eMagic and Myers Internet units.
The job cuts at eMagic and Myers Internet units relate to the
fact that MGIC is mulling over the sale of these two units. While
eMagic is an online mortgage loan origination service for banks,
credit unions, mortgage bankers and originators, Myers creates
websites for mortgage and real estate professionals. The company
currently employs 750 people at its Milwaukee headquarters.
Concurrent with the layoff announcement, MGIC also released its
operating statistics for the month of August, which showed that the
company’s mortgage unit – Mortgage Guaranty Insurance Corp. (MIC) –
wrote more new insurance in August and the number of its bad loans
fell sequentially to 183,338 mortgages as of August end from
185,093 as of July end. Also, the number of delinquent loan cures
reported by the company rose to 11,719 during the reported
month.
During the second quarter, MGIC reported a 15% increase in new
insurance written, led by increasing mortgage insurance share
compared with FHA and the company’s improving market share within
the industry. Besides, the company’s delinquent inventory dropped
19% year over year and 6% sequentially.
MGIC, along with peers such as Radian Group Inc
(RDN), PMI Group
(PMI) and Genworth Financial
(GNW), underwrote millions of mortgages during the
housing boom, which later led to losses in billions when the loans
started defaulting, forcing the companies to pay huge claims.
However, with the dust settling, we believe MGIC’s existing
policyholders should benefit from the profitability of new
insurance written by the company.
GENWORTH FINL (GNW): Free Stock Analysis Report
MGIC INVSTMT CP (MTG): Free Stock Analysis Report
PMI GROUP (PMI): Free Stock Analysis Report
RADIAN GRP INC (RDN): Free Stock Analysis Report
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