Portfolio Supplement Q NYSE: MTG

Transcription

1 Portfolio Supplement Q4 NYSE: MTG

2 Summary of Loan Modification and HARP Activity Risk in Force Primary Book Risk in Force Primary Book Risk in Force 2007 Primary Book HARP/RTM: 8% HAMP & Other Mods: 7% HARP/RTM: 8% HAMP & Other Mods: 5% HARP/ RTM: 45% HAMP & Other Mods: 30% % Current at 12/31/ (# of loans) 96.8% 75.6% % Current at 12/31/ (# of loans) 96.8% 76.1% % Current at 12/31/ (# of loans) 96.3% 76.5% HARP/RTM HAMP & Other Mods HARP/RTM HAMP & Other Mods HARP/RTM HAMP & Other Mods 2

3 Original LTV 1.0% 4.9% 28.3% 52.0% 13.8% 1.2% 4.7% 29.1% 50.4% 14.5% 4.4% 28.2% 53.6% 13.8% 4.2% 29.0% 52.4% 14.4% 80 and < Note: Charts may not add to 100% due to rounding. 3

4 Original FICO 9.5% 14.2% 24.7% 51.6% 11.3% 15.1% 24.3% 49.3% 6.9% 14.2% 25.4% 53.5% 8.3% 15.0% 25.2% 51.5% 659 and < and > Refer to pages 13 and 14 of this supplement for Original FICO by Origination Year information. Note: Charts may not add to 100% due to rounding. 4

5 Loan Amount 1.0% 1.4% 5.4% 29.8% 30.8% 31.5% 1.1% 1.3% 6.2% 32.1% 30.9% 28.5% 0.6% 1.2% 5.1% 29.7% 31.2% 32.1% 0.6% 1.0% 5.9% 32.1% 31.3% 29.1% 100k and < k k 301k - Conf Conf - 500k 500k and > Note: Charts may not add to 100% due to rounding. 5

6 Loan Type 96.9% 1.3% 96.0% 1.7% 98.1% 1.0% 97.5% 1.3% FRM FRM I/O ARM I/O* Option ARM* ARM* *ARM I/O, Option ARM, and ARM are each individually less than 2% for and in both periods presented. Note: Charts may not add to 100% due to rounding. FRM includes ARMs with initial reset periods of greater than 5 years, ARM I/O includes all ARMs regardless of reset period. 6

7 Loan Purpose 83.9% 12.1% 4.0% 81.0% 13.9% 5.1% 86.0% 12.4% 1.6% 83.5% 14.3% 2.2% Purchase Refinance Refinance Equity Note: Charts may not add to 100% due to rounding. 7

8 Property Type 87.6% 11.7% 87.6% 11.7% 87.6% 11.7% 87.5% 11.7% Single Family Detached Condo/Townhouse/Other Attached Coop/Other (< 1%) Note: Charts may not add to 100% due to rounding. 8

9 Occupancy 97.3% 2.0% 97.1% 2.1% 97.4% 2.0% 97.2% 2.1% Owner 2nd Home Investor (< 1%) Note: Charts may not add to 100% due to rounding. 9

10 Documentation 97.6% 2.0% 96.9% 2.5% 98.9% 0.8% 98.4% 1.1% Full Stated No Doc (< 1%) Note: In accordance with industry practice, loans approved by GSE and other automated underwriting (AU) systems under "doc waiver" programs that did not require verification of borrower income are classified by MGIC as "full documentation." Based in part on information provided by the GSEs, MGIC estimates full documentation loans of this type were approximately 4% of 2007 NIW. Information for other periods is not available. MGIC understands these AU systems granted such doc waivers for loans they judge to have higher credit quality. MGIC also understands that the GSEs terminated their "doc waiver" programs in the second half of Note: Charts may not add to 100% due to rounding. 10

11 25% 22.6% 20.8% 25% 23.7% 21.8% 20% 20% 15% 15.0% 15% 15.7% 10% 8.6% 8.7% 10% 9.0% 7.9% 5% 5.5% 3.5% 1.1% 0.6% 0.6% 3.9% 4.2% 2.4% 2.6% 5% 5.8% 3.7% 1.1% 0.6% 0.6% 4.1% 3.0% 1.6% 1.5% 0% 0% and Prior and Prior Year of Origination Year of Origination 12/31/ 12/31/ (% labeled) 12/31/ 12/31/ (% labeled) Note: Charts may not add to 100% due to rounding. Year of origination as displayed is determined by the calendar date the insurance was effective. 11

12 10% 10% 8% 8.4% 8% 8.1% 6% 6.9% 6.2% 5.3% 6% 6.6% 6.2% 5.4% % RIF 4.6% 4.3% % RIF 4.7% 4.3% 4% 3.4% 3.3% 3.3% 3.1% 4% 3.5% 3.3% 3.3% 3.2% 2% 2% 0% 0% CA FL TX PA OH IL MI GA VA NY CA FL TX PA OH IL MI GA VA MN 12

13 ORIGINATION YEAR and prior Original risk written (billions) $11.7 $11.9 $10.8 $8.7 $7.4 $6.1 $3.5 $3.1 $4.0 $10.7 $20.1 $16.1 $16.8 $181.5 % of original risk remaining Weighted average FICO (1) and > (%) (%) (%) and < (%) Weighted average LTV (1) and < (%) (%) (%) and > (%) Single premium (%) Investor (%) DTI > 50% (%) Cashout refinances (%) Full documentation (%) HARP (%) Delinquency statistics: Risk in force delinquent (%) # of loans delinquent 955 1,930 1,992 1, ,455 12,807 7,719 4,916 8,739 Delinquency rate (based on loan count) (%) # of new notices received in quarter 1,137 1,876 1,735 1, ,642 5,387 3,159 1,925 3,163 New notices previously delinquent (%) Loans remaining never reported delinquent (%) Ever to date claims paid (millions) $ $0.3 $3.3 $7.8 $8.7 $7.8 $9.2 $16.3 $62.0 $1,107.1 $5,121.5 $3,871.9 $2,634.7 N.M. Year of origination as displayed is determined by the calendar date the insurance was effective. Percentages based on remaining risk in force, including the percentage of risk in force delinquent. Other delinquency statistics are based on the number of remaining loans. (1) At time of origination 13

14 ORIGINATION YEAR and prior Original risk written (billions) $11.7 $11.9 $10.8 $8.7 $7.4 $6.1 $3.5 $3.1 $4.0 $10.5 $18.1 $10.1 $10.2 $152.4 % of original risk remaining Weighted average FICO (1) and > (%) (%) (%) and < (%) Weighted average LTV (1) and < (%) (%) (%) and > (%) Single premium (%) Investor (%) DTI > 50% (%) Cashout refinances (%) Full documentation (%) HARP (%) Delinquency statistics: Risk in force delinquent (%) # of loans delinquent 955 1,930 1,992 1, ,438 11,142 4,905 2,899 4,487 Delinquency rate (based on loan count) (%) # of new notices received in quarter 1,137 1,876 1,735 1, ,629 4,863 2,172 1,302 1,649 New notices previously delinquent (%) Loans remaining never reported delinquent (%) Ever to date claims paid (millions) $ $0.3 $3.3 $7.8 $8.7 $7.8 $9.2 $16.3 $62.0 $1,100.9 $4,524.9 $2,170.7 $1,491.7 N.M. Year of origination as displayed is determined by the calendar date the insurance was effective. Percentages based on remaining risk in force, including the percentage of risk in force delinquent. Other delinquency statistics are based on the number of remaining loans. (1) At time of origination 14

15 Static Pool Delinquency Rates Based on Loan Count 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Impact of hurricane activity on static pool delinquency rates: Hurricane activity primarily impacting Puerto Rico, Texas and Florida during the third quarter of has resulted in an increased number of delinquent loans in most annual periods as of, when compared to one quarter prior. Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23 Q25 Q27 Q29 Q31 Q33 Q35 Ending Primary Default Inventory 18% 15% 12% 9% 6% 3% Primary Default Inventory 50,000 40,000 30,000 20,000 10, ,235 6,144 5,518 43,816 8,987 4,549 3,394 46,900 12,626 4,525 4,350 46,556 12,446 4,723 35,091 34,829 34,274 34,110 1,375 Sep '17 Oct. '17 Nov. '17 Dec. '17 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Primary New Notices 0% Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23 Q25 Q27 Q29 Q31 Q33 Q35 Q37 Q39 Q41 Q43 Default inventory - excl. IADA Default inventory - IADA New notices - excl. IADA New notices - IADA Hurricane impacted areas are locations that the Federal Emergency Management Agency has declared Individual Assistance Disaster Areas ("IADA") Static Pool Delinquency Rates = (total number of delinquent loans at the end of the stated reporting period) / (original number of loans insured in the annual periods shown) 15