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MILWAUKEE, Oct. 17, 2018 /PRNewswire/ — MGIC Advance Association (NYSE: MTG) today appear operating and banking after-effects for the third division of 2018. Net assets for the division was $181.9 million, or $0.49 per adulterated share, compared with net assets of $120.0 million, or $0.32 per adulterated allotment for the third division of 2017.

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Adjusted net operating assets for the third division of 2018 was $180.9 million, or $0.48 per adulterated share, compared with $120.7 million, or $0.32 per adulterated allotment for the third division of 2017. We present the non-GAAP banking admeasurement “Adjusted net operating income” to admission the allegory amid periods of our banking results. See “Use of Non-GAAP banking measures” below.

Third Division Summary

_______________

Patrick Sinks, CEO of MTG and Mortgage Agreement Allowance Association (“MGIC”), said, “In the third division we afresh saw an admission of allowance in force, a abridgement in new primary behind notices, and a abatement of the primary behind inventory.  The accustomed operating ambiance enables us to address accession division of able earnings.”  Sinks added that, “MGIC is, and expects to remain, in a able basic position afterward the achievement of the revised PMIERs banking requirements and paid a $60 actor allotment to the captivation aggregation in the third quarter.”

_______________

Revenues

Total revenues for the third division of 2018 were $290.4 million, compared to $270.4 actor in the third division aftermost year. Net premiums accounting for the division were $251.9 million, compared to $255.9 actor for the aforementioned aeon aftermost year. Net premiums becoming for the division were $250.4 million, compared to $237.1 actor for the aforementioned aeon aftermost year.  The admission was primarily due to the absolute primary accident assets development during the quarter. The absolute accident assets development resulted in a abatement in ceded losses, and a abatement in ceded premiums becoming which were apprenticed by a college accumulation commission. The absolute accident assets development additionally resulted in a abatement of the accretion for exceptional refunds as we apprehend to pay beneath claims on the behind inventory. This annual was partially annual by a lower exceptional crop on the college boilerplate allowance in force in the division compared to the third division of 2017. Advance assets for the third division added to $36.4 million, from $30.4 actor for the aforementioned aeon aftermost year, connected from an admission in the circumscribed advance portfolio as able-bodied as college yields.

Losses and expenses

Losses incurred   

Losses incurred in the third division of 2018 were ($1.5) million, compared to $29.7 actor in the third division of 2017. During the third division of 2018 there was a $59 actor abridgement in losses incurred due to absolute development on our primary accident reserves, afore reinsurance, for ahead accustomed behind notices, compared to a abridgement of $38 actor in the third division of 2017. Losses incurred in the division associated with behind notices accustomed in the division reflect the 15% abatement in behind new notices accustomed and a lower estimated affirmation bulk back compared to the aforementioned aeon aftermost year.

Underwriting and added expenses

Net underwriting and added costs were $46.8 actor in the third division of 2018, compared to $42.9 actor in the aforementioned aeon aftermost year. The admission in costs was primarily due to college banal based compensation, which resulted from a college banal bulk at the admission date, and non-executive compensation.

Provision for assets taxes

The able assets tax bulk was 21.6% in the third division of 2018, compared to 34.9% in the third division of 2017. The abatement reflects the abridgement to the accustomed assets tax rate.

Capital

Other Antithesis Area and Clamminess Metrics

Conference Alarm and Webcast Details

MGIC Advance Association will ascendancy a appointment alarm today, October 17, 2018, at 10 a.m. ET to acquiesce antithesis analysts and shareholders the befalling to apprehend administration altercate the company’s anniversary results. The appointment alarm cardinal is 1-844-231-8825. The alarm is actuality webcast and can be accessed at the company’s website at https://mtg.mgic.com/. A epitomize of the webcast will be accessible on the company’s website through November 17, 2018 beneath “Newsroom.”

About MGIC

MGIC (www.mgic.com), the arch accessory of MGIC Advance Corporation, serves lenders throughout the United States, Puerto Rico, and added locations allowance families accomplish homeownership eventually by authoritative affordable low-down-payment mortgages a reality. At September 30, 2018, MGIC had $205.8 billion of primary allowance in force accoutrement about one actor mortgages.

This columnist release, which includes assertive added statistical and added information, including non-GAAP banking information, and a supplement that contains assorted portfolio statistics are both accessible on the Company’s website at https://mtg.mgic.com/ under “Newsroom.”

From time to time MGIC Advance Association releases important advice via postings on its accumulated website, and via postings on MGIC’s website for advice accompanying to underwriting and pricing, and intends to abide to do so in the future. Such postings accommodate corrections of antecedent disclosures, and may be fabricated afterwards any added disclosure. Investors and added absorbed parties are encouraged to accept to accept automatic email alerts and Really Simple Syndication (RSS) feeds apropos new postings. Enrollment advice for MGIC Advance Association alerts can be begin at https://mtg.mgic.com/shareholder-services/email-alerts. Enrollment advice for MGIC alerts can be begin https://www.mgic.com/ClearRates/index.html.

Safe Harbor Statement

Forward Attractive Statements and Accident Factors:

Our absolute after-effects could be afflicted by the accident factors below. These accident factors should be advised in affiliation with this columnist absolution and our alternate letters to the Antithesis and Exchange Agency (“SEC”). These accident factors may additionally annual absolute after-effects to alter materially from the after-effects advised by advanced attractive statements that we may make. Advanced attractive statements abide of statements which chronicle to affairs added than absolute fact, including affairs that inherently accredit to approaching events. Amid others, statements that accommodate words such as “believe,” “anticipate,” “will” or “expect,” or words of agnate import, are advanced attractive statements. We are not adventure any obligation to alter any advanced attractive statements or added statements we may accomplish alike admitting these statements may be afflicted by contest or affairs occurring afterwards the advanced attractive statements or added statements were made. No broker should await on the actuality that such statements are accustomed at any time added than the time at which this columnist absolution was delivered for broadcasting to the public.

In addition, the accustomed aeon banking after-effects included in this columnist absolution may be afflicted by added advice that arises above-mentioned to the filing of our Anatomy 10-Q for the division concluded September 30, 2018.

While we acquaint with aegis analysts from time to time, it is adjoin our activity to acknowledge to them any absolute clandestine advice or added arcane information. Accordingly, investors should not accept that we accede with any annual or address issued by any analyst irrespective of the agreeable of the annual or report, and such letters are not our responsibility.

Use of Non-GAAP banking measures

We accept that use of the Non-GAAP measures of adapted pre-tax operating assets (loss), adapted net operating assets (loss) and adapted net operating assets (loss) per adulterated allotment facilitate the appraisal of the company’s bulk banking achievement thereby accouterment accordant advice to investors. These measures are not accustomed in accordance with accounting attack about accustomed in the United States of America (GAAP) and should not be beheld as alternatives to GAAP measures of performance.

Adjusted pre-tax operating assets (loss) is authentic as GAAP assets (loss) afore tax, excluding the furnishings of net accomplished advance assets (losses), accretion (loss) on debt extinguishment, net crime losses accustomed in assets (loss) and exceptional or abnormal non-operating items area applicable.

Adjusted net operating assets (loss) is authentic as GAAP net assets (loss) excluding the after-tax furnishings of net accomplished advance assets (losses), accretion (loss) on debt extinguishment, net crime losses accustomed in assets (loss), and exceptional or abnormal non-operating items area applicable. The amounts of adjustments to apparatus of pre-tax operating assets (loss) are tax accomplished appliance a federal accustomed tax bulk of 21% in 2018 and 35% in 2017.

Adjusted net operating assets (loss) per adulterated allotment is afflicted in a address connected with the accounting accustomed apropos antithesis per allotment by adding (i) adapted net operating assets (loss)  afterwards authoritative adjustments for absorption bulk on convertible debt, whenever the appulse is dilutive, by (ii) adulterated abounding boilerplate accustomed shares outstanding, which reflects allotment concoction from unvested belted banal units and from convertible debt back dilutive beneath the “if-converted” method.

Although adapted pre-tax operating assets (loss) and adapted net operating assets (loss) exclude assertive items that accept occurred in the accomplished and are accustomed to activity in the future, the afar items represent items that are: (1) not beheld as allotment of the operating achievement of our primary activities; or (2) impacted by both arbitrary and added bread-and-er or authoritative factors and are not necessarily apocalyptic of operating trends, or both. These adjustments, forth with the affidavit for their treatment, are declared below. Trends in the advantage of our axiological operating activities can be added acutely articular afterwards the fluctuations of these adjustments. Added companies may annual these measures differently. Therefore, their measures may not be commensurable to those acclimated by us.

(1)

Net accomplished advance assets (losses). The acceptance of net accomplished advance assets or losses can alter decidedly beyond periods as the timing of alone antithesis sales is awful arbitrary and is afflicted by such factors as bazaar opportunities, our tax and basic profile, and all-embracing bazaar cycles.

(2)

Gains and losses on debt extinguishment. Assets and losses on debt concealment aftereffect from arbitrary activities that are undertaken to enhance our basic position, advance our debt profile, and/or abate abeyant concoction from our outstanding convertible debt.

(3)

Net crime losses accustomed in earnings. The acceptance of net crime losses on investments can alter decidedly in both admeasurement and timing, depending on bazaar acclaim cycles, alone issuer performance, and accustomed bread-and-er conditions.

(4)

Infrequent or abnormal non-operating items. Our assets tax bulk includes amounts accompanying to our IRS altercation and is accompanying to accomplished affairs which are non-recurring in attributes and are not allotment of our primary operating activities.

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Concluded September 30,

Nine Months Concluded September 30,

(In thousands, except per allotment data)

2018

2017

2018

2017

Net premiums written

$

251,883

$

255,896

$

744,225

$

738,432

Revenues

Net premiums earned

$

250,426

$

237,083

$

729,497

$

697,322

Net advance income

36,380

30,402

103,003

89,595

Net accomplished advance assets (losses)

1,114

(50)

(1,112)

(227)

Other revenue

2,525

2,925

6,827

7,862

Total revenues

290,445

270,360

838,215

794,552

Losses and expenses

Losses incurred, net

(1,518)

29,747

8,877

84,705

Underwriting and added expenses, net

46,811

42,873

140,160

126,963

Interest expense

13,258

13,273

39,737

43,779

Loss on debt extinguishment

65

Total losses and expenses

58,551

85,893

188,774

255,512

Income afore tax

231,894

184,467

649,441

539,040

Provision for assets taxes

49,994

64,440

137,090

210,593

Net income

$

181,900

$

120,027

$

512,351

$

328,447

Net assets per adulterated share

$

0.49

$

0.32

$

1.36

$

0.86

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

EARNINGS PER SHARE (UNAUDITED)

Three Months Concluded September 30,

Nine Months Concluded September 30,

(In thousands, except per allotment data)

2018

2017

2018

2017

Net income

$

181,900

$

120,027

$

512,351

$

328,447

Interest expense, net of tax (1):

2% Convertible Senior Notes due 2020

907

5% Convertible Senior Notes due 2017

1,709

9% Convertible Inferior Subordinated Debentures due 2063

4,566

3,757

13,698

11,270

Diluted net assets accessible to accustomed shareholders

$

186,466

$

123,784

$

526,049

$

342,333

Weighted boilerplate shares – basic

362,180

370,586

367,190

359,613

Effect of dilutive securities:

Unvested belted banal units

1,697

1,473

1,547

1,367

2% Convertible Senior Notes due 2020

11,119

5% Convertible Senior Notes due 2017

4,743

9% Convertible Inferior Subordinated Debentures due 2063

19,028

19,028

19,028

19,028

Weighted boilerplate shares – diluted

382,905

391,087

387,765

395,870

Net assets per adulterated share

$

0.49

$

0.32

$

1.36

$

0.86

(1)

Interest bulk for the three and nine months concluded September 30, 2018 and 2017 has been tax accomplished at a bulk of 21% and 35%, respectively.

 

NON-GAAP RECONCILIATIONS

Reconciliation of Assets afore tax / Net assets to Adapted pre-tax operating assets / Adapted net operating income

Three Months Concluded September 30,

2018

2017

(In thousands, except per allotment amounts)

Pre-tax

Taxprovision(benefit)

Net

(after-tax)

Pre-tax

Tax provision(benefit)

Net

(after-tax)

Income afore tax / Net income

$

231,894

$

49,994

$

181,900

$

184,467

$

64,440

$

120,027

Adjustments:

Additional assets tax annual (provision) accompanying to IRS litigation

154

(154)

(619)

619

Net accomplished advance (gains) losses

(1,114)

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(234)

(880)

50

18

32

Adjusted pre-tax operating assets / Adapted net operating income

$

230,780

$

49,914

$

180,866

$

184,517

$

63,839

$

120,678

Reconciliation of Net assets per adulterated allotment to Adapted net operating assets per adulterated share

Weighted boilerplate shares – diluted

382,905

391,087

Net assets per adulterated share

$

0.49

$

0.32

Additional assets tax (benefit) accouterment accompanying to IRS litigation

Net accomplished advance (gains) losses

Adjusted net operating assets per adulterated share

$

0.48

(1)

$

0.32

(1) For the Three Months Concluded September 30, 2018, the Reconciliation of Net assets per adulterated allotment to Adapted net operating assets per adulterated allotment does not bottom due to rounding of the adjustments.

Reconciliation of Assets afore tax / Net assets to Adapted pre-tax operating assets / Adapted net operating income

Nine Months Concluded September 30,

2018

2017

(In thousands, except per allotment amounts)

Pre-tax

Tax provision(benefit)

Net

(after-tax)

Pre-tax

Taxprovision(benefit)

Net

(after-tax)

Income afore tax / Net income

$

649,441

$

137,090

$

512,351

$

539,040

$

210,593

$

328,447

Adjustments:

Additional assets tax accouterment accompanying to IRS litigation

(1,477)

1,477

(28,402)

28,402

Net accomplished advance losses

1,112

234

878

227

79

148

Loss on debt extinguishment

65

23

42

Adjusted pre-tax operating assets / Adapted net operating income

$

650,553

$

135,847

$

514,706

$

539,332

$

182,293

$

357,039

Reconciliation of Net assets per adulterated allotment to Adapted net operating assets per adulterated share

Weighted boilerplate shares – diluted

387,765

395,870

Net assets per adulterated share

$

1.36

$

0.86

Additional assets tax accouterment accompanying to IRS litigation

0.07

Net accomplished advance losses

Loss on debt extinguishment

Adjusted net operating assets per adulterated share

$

1.36

$

0.93

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September

December 31,

September

(In thousands, except per allotment data)

2018

2017

2017

ASSETS

Investments (1)

$

4,980,432

$

4,990,561

$

4,717,392

Cash and banknote equivalents

266,997

99,851

250,701

Reinsurance recoverable on accident affluence (2)

33,281

48,474

45,878

Home appointment and equipment, net

50,055

44,936

43,157

Deferred allowance activity accretion costs

18,665

18,841

19,024

Deferred assets taxes, net

111,613

234,381

416,167

Other assets

196,065

182,455

183,549

Total assets

$

5,657,108

$

5,619,499

$

5,675,868

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:

Loss affluence (2)

$

721,046

$

985,635

$

1,105,151

Unearned premiums

407,614

392,934

370,816

Federal home accommodation coffer advance

155,000

155,000

155,000

Senior notes

419,425

418,560

418,271

Convertible inferior debentures

256,872

256,872

256,872

Other liabilities

207,620

255,972

239,609

Total liabilities

2,167,577

2,464,973

2,545,719

Shareholders’ equity

3,489,531

3,154,526

3,130,149

Total liabilities and shareholders’ equity

$

5,657,108

$

5,619,499

$

5,675,868

Book bulk per allotment (3)

$

9.64

$

8.51

$

8.45

(1) Investments accommodate net abeyant (losses) assets on securities

$

(72,399)

$

37,058

$

44,027

(2) Accident reserves, net of reinsurance recoverable on accident reserves

$

687,765

$

937,161

$

1,059,273

(3) Shares outstanding

362,155

370,567

370,562

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION – NEW INSURANCE WRITTEN

2018

2017

Year-to-date

Q3

Q2

Q1

Q4

Q3

2018

2017

New primary allowance accounting (NIW) (billions)

$

14.5

$

13.2

$

10.6

$

12.8

$

14.1

$

38.3

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$

36.3

Monthly (including breach exceptional plans) and anniversary exceptional plans

12.2

11.1

8.5

10.1

11.4

31.8

29.8

Single exceptional plans

2.3

2.1

2.1

2.7

2.7

6.5

6.5

Direct boilerplate exceptional bulk (bps) on NIW

Monthly (1)

51.3

54.6

55.8

56.3

55.5

53.7

55.3

Singles

153.5

165.6

167.4

170.5

176.8

161.8

175.9

Product mix as a % of primary NIW

FICO

7

%

6

%

7

%

8

%

7

%

7

%

7

%

>95% LTVs

17

%

15

%

13

%

13

%

12

%

16

%

10

%

>45% DTI

20

%

19

%

20

%

19

%

9

%

20

%

10

%

Singles

16

%

16

%

19

%

21

%

20

%

17

%

18

%

Refinances

5

%

6

%

12

%

13

%

9

%

7

%

11

%

New primary accident accounting (billions)

$

3.7

$

3.3

$

2.6

$

3.2

$

3.5

$

9.6

$

9.0

(1)

Excludes loans with breach and anniversary payments

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION – INSURANCE IN FORCE and RISK IN FORCE

2018

2017

Q3

Q2

Q1

Q4

Q3

Primary Allowance In Force (IIF) (billions)

$

205.8

$

200.7

$

197.5

$

194.9

$

191.0

Total # of loans

1,048,088

1,033,323

1,026,797

1,023,951

1,014,092

Flow # of loans

999,382

982,208

973,187

968,649

956,772

Average Accommodation Admeasurement of IIF (thousands)

$

196.4

$

194.2

$

192.3

$

190.4

$

188.4

Flow only

$

198.9

$

196.8

$

195.0

$

193.0

$

190.9

Annual Persistency

81.0

%

80.1

%

80.2

%

80.1

%

78.8

%

Primary Accident In Force (RIF) (billions)

$

53.1

$

51.7

$

50.9

$

50.3

$

49.4

By FICO (%)

FICO 760 & >

38

%

37

%

37

%

36

%

36

%

FICO 740-759

15

%

15

%

15

%

15

%

15

%

FICO 720-739

14

%

14

%

14

%

14

%

14

%

FICO 700-719

11

%

11

%

11

%

11

%

11

%

FICO 680-699

9

%

9

%

9

%

9

%

9

%

FICO 660-679

5

%

5

%

5

%

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5

%

5

%

FICO 640-659

3

%

4

%

3

%

4

%

4

%

FICO 639 &

5

%

5

%

6

%

6

%

6

%

Average Advantage Arrangement (RIF/IIF)

25.8

%

25.8

%

25.8

%

25.8

%

25.9

%

Direct Pool RIF (millions)

With accumulated accident limits

$

232

$

233

$

233

$

236

$

238

Without accumulated accident limits

$

199

$

210

$

222

$

235

$

251

Note:  The FICO acclaim annual for a accommodation with assorted borrowers is the everyman of the borrowers’ “decision FICO scores.”  A borrower’s “decision FICO score” is bent as follows: if there are three FICO array available, the boilerplate FICO annual is used; if two FICO array are available, the lower of the two is used; if alone one FICO annual is available, it is used.

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION – DEFAULT STATISTICS

2018

2017

Q3

Q2

Q1

Q4

Q3

Primary IIF – Behind Roll Advanced – # of Loans

Beginning Behind Inventory

36,037

41,243

46,556

41,235

41,317

New Notices

13,569

12,159

14,623

22,916

15,950

Cures

(14,197)

(15,350)

(18,073)

(15,712)

(13,546)

Paids (including those answerable to a deductible or captive)

(1,374)

(1,501)

(1,571)

(1,803)

(2,195)

Rescissions and denials

(56)

(76)

(68)

(80)

(82)

Items removed from inventory

(581)

(438)

(224)

(209)

Ending Behind Inventory

33,398

36,037

41,243

46,556

41,235

Primary IIF Crime Rate

3.19

%

3.49

%

4.02

%

4.55

%

4.07

%

Primary affirmation accustomed annual included in catastrophe behind inventory

766

827

819

954

1,063

Primary IIF – # of Behind Loans – Breeze only

25,130

27,250

31,621

35,791

30,501

Primary IIF Crime Bulk – Breeze only

2.52

%

2.77

%

3.25

%

3.70

%

3.19

%

Composition of Cures

Reported behind and convalescent intraquarter

3,938

3,447

5,530

5,520

4,347

Number of payments behind above-mentioned to cure

3 payments or less

5,671

7,204

8,285

6,324

6,011

4-11 payments

3,896

4,000

3,501

2,758

2,374

12 payments or more

692

699

757

1,110

814

Total Cures in Quarter

14,197

15,350

18,073

15,712

13,546

Composition of Paids

Number of payments behind at time of affirmation payment

3 payments or less

7

3

2

6

13

4-11 payments

140

147

184

181

222

12 payments or more

1,227

1,351

1,385

1,616

1,960

Total Paids in Quarter

1,374

1,501

1,571

1,803

2,195

Aging of Primary Behind Inventory

Consecutive months delinquent

      3 months or less

9,484

28

%

8,554

24

%

8,770

21

%

17,119

37

%

11,331

27

%

      4-11 months

9,564

29

%

12,506

35

%

16,429

40

%

12,050

26

%

11,092

27

%

      12 months or more

14,350

43

%

14,977

41

%

16,044

39

%

17,387

37

%

18,812

46

%

Number of payments delinquent

      3 payments or less

14,813

44

%

14,178

39

%

16,023

39

%

21,678

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46

%

16,916

41

%

      4-11 payments

9,156

28

%

11,429

32

%

13,734

33

%

12,446

27

%

10,583

26

%

      12 payments or

      more

9,429

28

%

10,430

29

%

11,486

28

%

12,432

27

%

13,736

33

%

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION – RESERVES and CLAIMS PAID

2018

2017

Year-to-date

Q3

Q2

Q1

Q4

Q3

2018

2017

Reserves (millions)

Primary Absolute Accident Reserves

$

707

$

799

$

910

$

971

$

1,090

Pool Absolute accident reserves

13

13

14

14

15

Other Gross Reserves

1

1

1

Total Gross Accident Reserves

$

721

$

813

$

924

$

986

$

1,105

Primary Boilerplate Absolute Assets Per Delinquency

$21,184

$22,178

(1)

$22,060

(1)

$20,851

(1)

$26,430

Net Paid Claims (millions) (3)

$

87

$

91

$

82

$

91

$

113

$

260

$

414

Total primary (excluding settlements)

65

75

80

89

101

220

357

Rescission and NPL settlements

19

14

7

9

40

54

Pool

2

1

2

2

2

5

8

Reinsurance

(3)

(3)

(11)

(5)

(3)

(17)

(18)

Other

4

4

4

5

4

12

13

Reinsurance terminations (3)

(2)

(2)

Primary Boilerplate Affirmation Acquittal (thousands)

$

47.2

(2)

$

50.2

(2)

$

51.1

(2)

$

49.2

$

46.4

(2)

$

49.6

(2)

$

48.3

(2)

Flow only

$

42.0

(2)

$

45.2

(2)

$

45.2

(2)

$

45.1

$

43.7

(2)

$

44.2

(2)

$

44.7

(2)

(1)

Excluding our appraisal of delinquencies connected from blow activity and their associated accident reserves, the boilerplate absolute assets per crime was about $24,000.

(2)

Excludes amounts paid in acclimation disputes for claims advantageous practices and/or commutations of non-performing loans.

(3)

Net paid claims, as presented, does not accommodate amounts accustomed in affiliation with terminations or commutations of reinsurance agreements.

 

MGIC INVESTMENT CORPORATION AND SUBSIDIARIES

ADDITIONAL INFORMATION – REINSURANCE, BULK STATISTICS and MI RATIOS

2018

2017

Year-to-date

Q3

Q2

Q1

Q4

Q3

2018

2017

Quota Allotment Reinsurance

% allowance inforce accountable to reinsurance

77.6

%

78.2

%

77.9

%

78.2

%

78.3

%

% NIW accountable to reinsurance

75.4

%

75.9

%

73.3

%

77.0

%

86.1

%

75

%

86.8

%

Ceded premiums accounting and becoming (millions)

$

25.2

$

21.4

$

33.0

$

32.3

$

30.9

$

79.6

$

88.7

Ceded losses incurred (millions)

$

(0.5)

$

(3.7)

$

7.8

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$

7.3

$

5.9

$

3.6

$

15.0

Ceding commissions (millions) (included in underwriting and added expenses)

$

13.0

$

12.6

$

12.6

$

12.6

$

12.5

$

38.2

$

36.7

Profit agency (millions) (included in ceded premiums)

$

39.7

$

41.8

$

30.2

$

30.6

$

31.6

$

111.7

$

95.0

Bulk Primary Allowance Statistics

Insurance in force (billions)

$

7.0

$

7.4

$

7.7

$

8.0

$

8.3

Risk in force (billions)

$

2.0

$

2.1

$

2.2

$

2.2

$

2.4

Average accommodation admeasurement (thousands)

$

145.4

$

144.5

$

143.8

$

144.6

$

145.4

Number of behind loans

8,268

8,787

9,622

10,765

10,734

Delinquency rate

16.98

%

17.19

%

17.95

%

19.47

%

18.73

%

Primary paid claims (millions)

$

18

$

22

$

24

$

25

$

26

$

64

$

90

Average affirmation acquittal (thousands)

$

69.6

$

67.7

$

72.8

$

64.4

$

56.1

$

70.1

$

63.5

Mortgage Agreement Allowance Association – Accident to Capital

9.0:1

(1)

9.1:1

9.4:1

9.5:1

10.1:1

Combined Allowance Companies – Accident to Capital

9.8:1

(1)

10.0:1

10.3:1

10.5:1

11.1:1

GAAP accident arrangement (insurance operations only)

(0.6)%

(5.4)%

10.3

%

(13.1)%

12.5

%

1.2

%

12.1

%

GAAP underwriting bulk arrangement (insurance operations only)

17.6

%

16.4

%

19.5

%

15.9

%

15.7

%

17.8

%

16.1

%

Risk Factors

As acclimated below, “we,” “our” and “us” accredit to MGIC Advance Corporation’s circumscribed operations or to MGIC Advance Corporation, as the ambience requires; and “MGIC” refers to Mortgage Agreement Allowance Corporation.

Our absolute after-effects could be afflicted by the accident factors below. These accident factors should be advised in affiliation with this columnist absolution and our alternate letters to the Antithesis and Exchange Agency (“SEC”). These accident factors may additionally annual absolute after-effects to alter materially from the after-effects advised by advanced attractive statements that we may make, including advanced attractive statements in these accident factors. Advanced attractive statements abide of statements which chronicle to affairs added than absolute fact, including affairs that inherently accredit to approaching events. Amid others, statements that accommodate words such as “believe,” “anticipate,” “will” or “expect,” or words of agnate import, are advanced attractive statements. We are not adventure any obligation to alter any advanced attractive statements or added statements we may accomplish alike admitting these statements may be afflicted by contest or affairs occurring afterwards the advanced attractive statements or added statements were made. No broker should await on the actuality that such statements are accustomed at any time added than the time at which this columnist absolution was delivered for broadcasting to the public.

Competition or changes in our relationships with our barter could abate our revenues, abate our exceptional yields and / or admission our losses.

Our clandestine mortgage allowance competitors include:

The clandestine mortgage allowance industry is awful aggressive and is accustomed to abide so. We accept that we currently attack with added clandestine mortgage insurers based on pricing, underwriting requirements, banking backbone (including based on acclaim or banking backbone ratings), chump relationships, name recognition, reputation, the backbone of our administration aggregation and acreage organization, the accessory articles and casework provided to lenders and the able use of technology and accession in the commitment and appliance of our mortgage allowance products.

Much of the antagonism in the industry in the aftermost few years has centered on appraisement practices which accept included: (i) reductions in accustomed filed ante for borrower-paid mortgage allowance behavior (“BPMI”); (ii) use by assertive competitors of a spectrum of filed ante to acquiesce for formulaic, risk-based appraisement that may be adapted added frequently aural assertive ambit (commonly referred to as “black-box” pricing); and (iii) use of customized ante (discounted from accustomed rates) that are fabricated accessible to many, but not all, lenders. Because the industry is currently experiencing about low levels of mortgage allowance losses and able allotment on new business, we apprehend bulk antagonism to abide strong.

We adviser assorted aggressive and bread-and-er factors while gluttonous to antithesis both advantage and bazaar allotment considerations in developing our appraisement strategies. In 2018, we connected to advance our appraisement from a accustomed bulk agenda approach, area prices alter based on about few attributes, to a added diminutive approach, area added attributes are considered. We bargain assertive of our ante in the added through fourth abode of 2018. Those changes will abate our exceptional crop (net premiums becoming disconnected by the boilerplate allowance in force) over time as earlier allowance behavior with college exceptional ante run off and new allowance behavior with lower exceptional ante are written. We abide to advance our “black-box” appraisement admission and apprehend to absolution it in 2019. As acclaimed above, black-box appraisement allows for formulaic, risk-based appraisement that may be adapted added frequently.

There can be no affirmation that our exceptional ante abundantly reflect the accident associated with the basal mortgage allowance policies. For added information, see our accident factors blue-blooded “The premiums we allegation may not be able to atone us for our liabilities for losses and as a aftereffect any blemish could materially affect our banking activity and after-effects of operations” and “If our accident administration programs are not able in identifying, or able in authoritative or mitigating, the risks we face, or if the models acclimated in our businesses are inaccurate, it could accept a absolute adverse appulse on our business, after-effects of operations and banking condition.”

Our relationships with our customers, which may affect the bulk of our new business written, could be abnormally afflicted by a array of factors, including if our exceptional ante are college than those of our competitors, our underwriting requirements aftereffect in our crumbling to assure some of the loans originated by our customers, or our allowance activity rescissions and affirmation curtailments affect the customer. Apropos the absorption of our new business, our bigger chump accounted for about 4% of our new allowance accounting in anniversary of 2017 and the aboriginal nine months of 2018.

Certain of our competitors accept admission to basic at a lower bulk of basic than we do (including, as a aftereffect of off-shore reinsurance vehicles, which are additionally tax-advantaged). As a result, they may be bigger positioned to attack alfresco of able mortgage insurance, including by accommodating in the pilot programs referred to aloft and added another forms of acclaim accessory pursued by the GSEs. In addition, because of their tax advantages, assertive competitors may be able to accomplish college after-tax ante of acknowledgment on their new allowance accounting (“NIW”) compared to us, which could acquiesce them to advantage bargain appraisement to accretion bazaar share.

Substantially all of our allowance accounting back 2008 has been for loans purchased by the GSEs. The accustomed clandestine mortgage insurer accommodation requirements (“PMIERs”) of the GSEs crave a mortgage insurer to advance a minimum bulk of assets to abutment its insured risk, as discussed in our accident agency blue-blooded “We may not abide to accommodated the GSEs’ clandestine mortgage insurer accommodation requirements and our allotment may abatement as we are adapted to advance added basic in acclimation to advance our eligibility.” The PMIERs do not crave an insurer to advance minimum banking backbone ratings; however, our banking backbone ratings can affect us in the afterward ways:

If we are clumsy to attack finer in the accustomed or any approaching markets as a aftereffect of the banking backbone ratings assigned to our allowance subsidiaries, our approaching new allowance accounting could be abnormally affected.

The bulk of allowance we address could be abnormally afflicted if lenders and investors baddest alternatives to clandestine mortgage insurance.

Alternatives to clandestine mortgage allowance include:

In the aboriginal division of 2018, Freddie Mac began business a pilot affairs to lenders that would accept accommodation akin mortgage absence advantage provided by assorted (re)insurers that are not mortgage insurers and that are not called by the lenders. The pilot offers appraisement beneath accustomed distinct exceptional lender paid mortgage allowance (“LPMI”) rates. In July 2018, Fannie Mae appear a agnate pilot affairs that would accept accommodation akin mortgage absence advantage provided by a console of reinsurers (which may accommodate affiliates of clandestine mortgage insurers). While we appearance these pilot programs as aggressive with able clandestine mortgage insurance, we accept alternate in the Fannie Mae pilot affairs and may participate in approaching GSE or added programs.

The GSEs (and added investors) accept additionally acclimated added forms of acclaim accessory that did not absorb able clandestine mortgage insurance, such as agreeable in credit-linked agenda affairs accomplished in the basic markets, or appliance added forms of debt issuances or securitizations that alteration acclaim accident anon to added investors, including MGIC, its associate and competitors; appliance added accident acknowledgment techniques in affiliation with bargain levels of clandestine mortgage allowance coverage; or accepting acclaim accident afterwards acclaim enhancement.

The FHA’s allotment of the low bottomward acquittal residential mortgages that were accountable to FHA, VA, USDA or primary clandestine mortgage allowance was 34.8% in the aboriginal bisected of 2018, 35.6% in 2017 and 35.5% in 2016. In the accomplished ten years, the FHA’s allotment has been as low as 32.4% in 2014 and as aerial as 68.7% in 2009. Factors that admission the FHA’s bazaar allotment accommodate about ante and fees, underwriting guidelines and accommodation banned of the FHA, VA, clandestine mortgage insurers and the GSEs; lenders’ perceptions of acknowledged risks beneath FHA adjoin GSE programs; adaptability for the FHA to authorize new articles as a aftereffect of federal legislation and programs; allotment accustomed to be acquired by lenders for Ginnie Mae securitization of FHA-insured loans compared to those acquired from affairs loans to Fannie Mae or Freddie Mac for securitization; and differences in activity terms, such as the adeptness of a borrower to aish allowance advantage beneath assertive circumstances. We cannot adumbrate how the factors that affect the FHA’s allotment of new allowance accounting will change in the future.

The VA’s allotment of the low bottomward acquittal residential mortgages that were accountable to FHA, VA, USDA or primary clandestine mortgage allowance was 24.7% in the aboriginal bisected of 2018, 24.1% in 2017 and 26.6% in 2016. In the accomplished ten years, the VA’s allotment has been as low as 8.2% in 2008 and as aerial as 26.6% in 2016. We accept that the VA’s bazaar allotment has about been accretion because of an admission in the cardinal of borrowers that are able for the VA’s program, which offers 100% loan-to-value arrangement (“LTV”) loans and accuse a ancient allotment fee that can be included in the accommodation amount, and because able borrowers accept autonomous to use the VA affairs back refinancing their mortgages.

Changes in the business practices of the GSEs, federal legislation that changes their charters or a restructuring of the GSEs could abate our revenues or admission our losses.

The GSEs’ charters about crave acclaim accessory for a low bottomward acquittal mortgage accommodation (a accommodation bulk that exceeds 80% of a home’s value) in acclimation for such accommodation to be able for acquirement by the GSEs. Lenders about accept acclimated clandestine mortgage allowance to amuse this acclaim accessory requirement. (For advice about GSE pilot programs accomplished in 2018 that accommodate accommodation akin absence advantage by assorted (re)insurers (which may accommodate affiliates of clandestine mortgage insurers), see our accident agency blue-blooded “The bulk of allowance we address could be abnormally afflicted if lenders and investors baddest alternatives to clandestine mortgage insurance.”) Because low bottomward acquittal mortgages purchased by the GSEs accept about been insured with clandestine mortgage insurance, the business practices of the GSEs abundantly appulse our business and include:

The Federal Apartment Accounts Agency (“FHFA”) has been the conservator of the GSEs back 2008 and has the ascendancy to ascendancy and absolute their operations. The added role that the federal government has afflicted in the residential apartment accounts arrangement through the GSE conservatorship may admission the likelihood that the business practices of the GSEs change in means that accept a absolute adverse aftereffect on us and that the charters of the GSEs are afflicted by new federal legislation. In the past, associates of Congress accept alien several bills advised to change the business practices of the GSEs and the FHA; however, no legislation has been enacted.

The Administration issued a June 2018 address advertence that the conservatorship of the GSEs should end and that the GSEs should alteration to absolutely clandestine entities, aggressive on a akin arena acreage with clandestine issuers of mortgage-backed antithesis (“MBS”) (such issuers, collectively with the GSEs, referred to in the address as the “guarantors”). The address added adumbrated that a federal article should adapt the guarantors, including their basic adequacy, and that guarantors should accept admission to an absolute federal agreement on the MBS that is apparent alone afterwards abundant losses are incurred by the clandestine market, including the guarantors. The address additionally adumbrated that a fee on the outstanding accumulated of MBS would be transferred to the Department of Apartment and Urban Development (of which the FHA is a part) to be acclimated for affordable apartment purposes. As a aftereffect of the affairs referred to above, it is ambiguous what role the GSEs, FHA and clandestine capital, including clandestine mortgage insurance, will comedy in the residential apartment accounts arrangement in the approaching or the appulse of any such changes on our business. In addition, the timing of the appulse of any connected changes on our business is uncertain. Best allusive changes would crave Congressional activity to apparatus and it is difficult to appraisal back Congressional activity would be final and how connected any associated phase-in aeon may last.

We may not abide to accommodated the GSEs’ clandestine mortgage insurer accommodation requirements and our allotment may abatement as we are adapted to advance added basic in acclimation to advance our eligibility.

We allegation accede with the PMIERs to be able to assure loans delivered to or purchased by the GSEs. The PMIERs accommodate banking requirements, as able-bodied as business, affection ascendancy and assertive transaction approval requirements. The banking requirements of the PMIERs crave a mortgage insurer’s “Available Assets” (generally alone the best aqueous assets of an insurer) to according or beat its “Minimum Adapted Assets” (which are based on an insurer’s book of allowance in force and are afflicted from tables of factors with several accident ambit and are accountable to a attic amount). Based on our estimation of the PMIERs, as of September 30, 2018, MGIC’s Accessible Assets totaled $4.8 billion, or $1.0 billion in antithesis of its Minimum Adapted Assets. MGIC is in acquiescence with the PMIERs and able to assure loans purchased by the GSEs.

Revised PMIERs were appear in September 2018 and will become able March 31, 2019. If the revised PMIERs had been able as of September 30, 2018, we appraisal that MGIC’s pro forma antithesis of Accessible Assets over Minimum Adapted Assets would accept been about $600 million. The abatement in the pro forma antithesis from the appear antithesis of $1.0 billion is primarily due to the aishment of any acclaim for approaching premiums that had ahead been accustomed for assertive allowance policies.  Although MGIC’s antithesis Minimum Adapted Assets will abatement back the revised PMIERs become effective, we do not apprehend the revised PMIERs to appulse MGIC’s accustomed affairs to pay anniversary assets to our captivation company, accountable to any all-important approvals by its Board of Directors and the Wisconsin Appointment of the Commissioner of Insurance.

If MGIC ceases to be able to assure loans purchased by one or both of the GSEs, it would decidedly abate the accumulated of our new business writings. Factors that may abnormally appulse MGIC’s adeptness to abide to accede with the banking requirements of the PMIERs accommodate the following:

While on an all-embracing basis, the bulk of Accessible Assets MGIC allegation ascendancy in acclimation to abide to assure GSE loans is greater beneath the PMIERs than what accompaniment acclimation currently requires, our reinsurance affairs abate the abrogating aftereffect of the PMIERs on our returns. However, reinsurance may not consistently be accessible to us or accessible on agnate terms, it accommodation us to counterparty acclaim accident and the GSEs may change the acclaim they acquiesce beneath the PMIERs for accident ceded beneath our reinsurance transactions.

The annual of our net operating accident carryforwards may become essentially limited.

As of September 30, 2018, we had about $153.5 actor of net operating losses for tax purposes that we can use in assertive affairs to annual approaching taxable assets and appropriately abate our federal assets tax liability. Any unutilized carryforwards are appointed to expire at the end of tax years 2032 through 2033. Our adeptness to advance these net operating losses to annual approaching taxable assets may be decidedly bound if we acquaintance an “ownership change” as authentic in Section 382 of the Centralized Acquirement Code of 1986, as adapted (the “Code”). In general, an buying change will activity if there is a accumulative change in our buying by “5-percent shareholders” (as authentic in the Code) that exceeds 50 allotment credibility over a rolling three-year period. A association that adventures an buying change will about be accountable to an anniversary limitation on the corporation’s consecutive use of net operating accident carryovers that arose from pre-ownership change periods and use of losses that are afterwards accustomed with annual to assets that had a built-in-loss on the date of the buying change. The bulk of the anniversary limitation about equals the fair bulk of the association anon afore the buying change assorted by the abiding tax-exempt absorption bulk (subject to assertive adjustments). To the admeasurement that the limitation in a post-ownership-change year is not absolutely utilized, the bulk of the limitation for the afterwards year will be increased.

While we accept adopted our Adapted and Restated Rights Agreement to abbreviate the likelihood of affairs in our banal connected in an buying change, approaching issuances of equity-linked antithesis or affairs in our banal and equity-linked antithesis that may not be aural our ascendancy may annual us to acquaintance an buying change. If we acquaintance an buying change, we may not be able to absolutely advance our net operating losses, connected in added assets taxes and a abridgement in our shareholders’ equity.

We are circuitous in acknowledged affairs and are accountable to the accident of added acknowledged affairs in the future.

Before advantageous an allowance claim, we assay the accommodation and appliance files to actuate the annual of the affirmation amount. Back reviewing the files, we may actuate that we accept the adapted to aish advantage on the loan. In our SEC reports, we accredit to allowance rescissions and denials of claims collectively as “rescissions” and variations of that term. In addition, our allowance behavior about accommodate that we can abate or abjure a affirmation if the servicer did not accede with its obligations beneath our allowance policy. We alarm such abridgement of claims “curtailments.” In contempo quarters, an immaterial allotment of claims accustomed in a division accept been bound by rescissions. In anniversary of 2017 and the aboriginal nine months of 2018, curtailments bargain our boilerplate affirmation paid by about 5.6% and 6.3%, respectively.

Our accident reserving alignment incorporates our estimates of approaching rescissions, curtailments, and reversals of rescissions and curtailments. A about-face amid ultimate absolute rescission, abbreviation and changeabout ante and our estimates, as a aftereffect of the aftereffect of litigation, settlements or added factors, could materially affect our losses.

When the insured disputes our adapted to aish advantage or abbreviate claims, we about appoint in discussions in an attack to accomplish the dispute. If we are clumsy to adeptness a settlement, the aftereffect of a altercation ultimately would be bent by acknowledged proceedings.

Under ASC 450-20, until a accountability associated with acclimation discussions or acknowledged affairs becomes apparent and can be analytic estimated, we accede our affirmation acquittal or aishment bound for banking advertisement purposes and do not accumulate an estimated loss. Area we accept bent that a accident is apparent and can be analytic estimated, we accept recorded our best appraisal of our apparent loss. If we are not able to apparatus settlements we accede probable, we intend to avert MGIC agilely adjoin any accompanying acknowledged proceedings.

In accession to affairs for which we accept recorded a apparent loss, we are circuitous in added discussions and/or affairs with insureds with annual to our claims advantageous practices. Although it is analytic accessible that back these affairs are bound we will not abound in all cases, we are clumsy to accomplish a reasonable appraisal or ambit of estimates of the abeyant liability. We appraisal the best acknowledgment associated with affairs area a accident is analytic accessible to be about $286 million. This appraisal of best acknowledgment is based aloft currently accessible advice and is accountable to cogent judgment, abundant assumptions and accustomed and alien uncertainties. The affairs adherent the appraisal of best acknowledgment will change from time to time. This appraisal of our best acknowledgment does not accommodate absorption or consequential or admirable damages.

Mortgage insurers, including MGIC, accept been circuitous in activity and authoritative accomplishments accompanying to declared violations of the anti-referral fee accoutrement of the Real Estate Acclimation Procedures Act, which is frequently accustomed as RESPA, and the apprehension accoutrement of the Fair Acclaim Advertisement Act, which is frequently accustomed as FCRA. While these affairs in the accumulated accept not resulted in absolute accountability for MGIC, there can be no affirmation that the aftereffect of approaching proceedings, if any, beneath these laws would not accept a absolute adverse affect on us. In addition, assorted regulators, including the CFPB, accompaniment allowance commissioners and accompaniment attorneys accustomed may accompany added accomplishments gluttonous assorted forms of abatement in affiliation with declared violations of RESPA. The allowance law accoutrement of abounding states prohibit advantageous for the barometer of allowance business and accommodate assorted mechanisms to accomplish this prohibition. While we accept our practices are in acquiescence with applicative laws and regulations, it is not accessible to adumbrate the closing scope, continuance or aftereffect of any such reviews or investigations nor is it accessible to adumbrate their aftereffect on us or the mortgage allowance industry.

In accession to the affairs declared above, we are circuitous in added acknowledged affairs in the accustomed advance of business. In our opinion, based on the facts accustomed at this time, the ultimate resolution of these accustomed advance acknowledged affairs will not accept a absolute adverse aftereffect on our banking position or after-effects of operations.

We are accountable to absolute acclimation and added requirements, which we may abort to satisfy.

We are accountable to comprehensive, abundant acclimation by accompaniment allowance departments. These regulations are principally advised for the aegis of our insured policyholders, rather than for the annual of investors. Although their ambit varies, accompaniment allowance laws about admission ample authoritative admiral to agencies or admiral to appraise allowance companies and accomplish rules or exercise acumen affecting about every cogent aspect of the allowance business. Accompaniment allowance authoritative authorities could booty actions, including changes in basic requirements, that could accept a absolute adverse aftereffect on us. For added advice about accompaniment basic requirements, see our accident agency blue-blooded “State basic requirements may ahead us from continuing to address new allowance on an ceaseless basis.” To the admeasurement that we are construed to accomplish absolute acclaim decisions in affiliation with our arrangement underwriting activities, we additionally could be accountable to added authoritative requirements beneath the According Acclaim Befalling Act, frequently accustomed as ECOA, FCRA, and added laws. For added accommodation about the assorted means in which our subsidiaries are regulated, see “Regulation” in Item 1 of our Anniversary Address on Anatomy 10-K filed with the SEC on February 23, 2018. In accession to acclimation by accompaniment allowance regulators, the CFPB may affair added rules or regulations, which may materially affect our business.

In December 2013, the U.S. Treasury Department’s Federal Allowance Appointment appear a address that calls for federal standards and blank for mortgage insurers to be developed and implemented. It is ambiguous if and back the standards and blank will become able and what anatomy they will take.

If our accident administration programs are not able in identifying, or able in authoritative or mitigating, the risks we face, or if the models acclimated in our businesses are inaccurate, it could accept a absolute adverse appulse on our business, after-effects of operations and banking condition.

Our activity accident administration program, declared in “Business – Our Articles and Casework – Accident Management” in Item 1 of our Anniversary Address on Anatomy 10-K filed with the SEC on February 23, 2018, may not be able in identifying, or able in authoritative or mitigating, the risks we face in our business.

We apply proprietary and third affair models to activity returns, bulk products, annual reserves, accomplish projections acclimated to appraisal approaching pre-tax assets and to appraise accident acceptance testing, appraise risk, actuate centralized basic requirements, accomplish accent testing, and for added uses. These models await on estimates and projections that are inherently ambiguous and may not accomplish as intended. In addition, from time to time we seek to advance assertive models, and the about-face activity may aftereffect in absolute changes to assumptions, including those about allotment and banking results. The models we apply are complex, which increases our accident of absurdity in their design, accomplishing or use. Also, the associated ascribe data, assumptions and calculations may not be correct, and the controls we accept in abode to abate that accident may not be able in all cases. The risks accompanying to our models may admission back we change assumptions and/or methodologies, or back we add or change clay platforms. We accept enhanced, and we intend to abide to enhance, our clay capabilities. Moreover, we may use advice we accept through enhancements to clarify or contrarily change absolute assumptions and/or methodologies.

Because we authorize accident affluence alone aloft a accommodation crime rather than based on estimates of our ultimate losses on accident in force, losses may accept a asymmetric adverse aftereffect on our antithesis in assertive periods.

In accordance with accounting attack about accustomed in the United States, frequently referred to as GAAP, we authorize affluence for allowance losses and accident acclimation costs alone back notices of absence on insured mortgage loans are accustomed and for loans we appraisal are in absence but for which notices of absence accept not yet been appear to us by the servicers (this is about referred to as “IBNR”). Because our reserving acclimation does not booty annual of losses that could activity from loans that are not delinquent, such losses are not reflected in our banking statements, except in the case area a exceptional absence exists. As a result, approaching losses on loans that are not currently behind may accept a absolute appulse on approaching after-effects as such losses emerge.

Because accident assets estimates are accountable to uncertainties, paid claims may be essentially altered than our accident reserves.

When we authorize reserves, we appraisal the ultimate accident on behind loans appliance estimated affirmation ante and affirmation amounts. The estimated affirmation ante and affirmation amounts represent our best estimates of what we will absolutely pay on the loans in absence as of the assets date and absorb advancing acknowledgment from rescissions and curtailments. The enactment of accident affluence is accountable to inherent ambiguity and requires acumen by management. The absolute bulk of the affirmation payments may be essentially altered than our accident assets estimates. Our estimates could be afflicted by several factors, including a change in bounded or civic bread-and-er conditions, and a change in the breadth of time loans are behind afore claims are received. The change in altitude may accommodate changes in unemployment, affecting borrowers’ assets and appropriately their adeptness to accomplish mortgage payments, and changes in home prices, which may affect borrower alertness to abide to accomplish mortgage payments back the bulk of the home is beneath the mortgage balance. Changes to our estimates could accept a absolute appulse on our approaching results, alike in a abiding bread-and-er environment. In addition, historically, losses incurred accept followed a melancholia trend in which the added bisected of the year has weaker acclaim achievement than the aboriginal half, with college new absence apprehension activity and a lower cure rate.

We await on our administration aggregation and our business could be afflicted if we are clumsy to absorb able cadre or auspiciously advance and/or recruit their replacements.

Our success depends, in part, on the skills, alive relationships and connected casework of our administration aggregation and added key personnel. The abrupt abandonment of key cadre could abnormally affect the conduct of our business. In such event, we would be adapted to access added cadre to administer and accomplish our business. In addition, we will be adapted to alter the adeptness and adeptness of our crumbling workforce as our workers retire. In either case, there can be no affirmation that we would be able to advance or recruit able replacements for the abandonment individuals; that replacements could be hired, if necessary, on agreement that are favorable to us; or that we can auspiciously alteration such replacements in a adapted manner. We currently accept not entered into any appliance agreements with our admiral or key personnel. Animation or abridgement of achievement in our banal bulk may affect our adeptness to absorb our key cadre or allure replacements should key cadre depart. Afterwards a appropriately accomplished and accomplished workforce, our costs, including abundance costs and costs to alter advisers may increase, and this could abnormally appulse our earnings.

If the accumulated of low bottomward acquittal home mortgage originations declines, the bulk of allowance that we address could decline.

The factors that may affect the accumulated of low bottomward acquittal mortgage originations include:

A abatement in the accumulated of low bottomward acquittal home mortgage originations could abatement appeal for mortgage allowance and abatement our new allowance written. For added factors that could abatement the appeal for mortgage insurance, see our accident agency blue-blooded “The bulk of allowance we address could be abnormally afflicted if lenders and investors baddest alternatives to clandestine mortgage insurance.”

State basic requirements may ahead us from continuing to address new allowance on an ceaseless basis.

The allowance laws of 16 jurisdictions, including Wisconsin, MGIC’s calm state, crave a mortgage insurer to advance a minimum bulk of accustomed basic about to its accident in force (or a agnate measure) in acclimation for the mortgage insurer to abide to address new business. We accredit to these requirements as the “State Basic Requirements.” While they alter amid jurisdictions, the best accustomed Accompaniment Basic Requirements acquiesce for a best risk-to-capital arrangement of 25 to 1. A risk-to-capital arrangement will admission if (i) the allotment abatement in basic exceeds the allotment abatement in insured risk, or (ii) the allotment admission in basic is beneath than the allotment admission in insured risk. Wisconsin does not adapt basic by appliance a risk-to-capital admeasurement but instead requires a minimum policyholder position (“MPP”). The “policyholder position” of a mortgage insurer is its net account or surplus, accident assets and a allocation of the affluence for unearned premiums.

At September 30, 2018, MGIC’s risk-to-capital arrangement was 9.0 to 1, beneath the best accustomed by the jurisdictions with Accompaniment Basic Requirements, and its policyholder position was $2.5 billion aloft the adapted MPP of $1.3 billion. In artful our risk-to-capital arrangement and MPP, we are accustomed abounding acclaim for the accident ceded beneath our reinsurance affairs with a accumulation of detached reinsurers. It is accessible that beneath the revised Accompaniment Basic Requirements discussed below, MGIC will not be accustomed abounding acclaim for the accident ceded to the reinsurers. If MGIC is not accustomed an agreed akin of acclaim beneath either the Accompaniment Basic Requirements or the PMIERs, MGIC may aish the reinsurance transactions, afterwards penalty. At this time, we apprehend MGIC to abide to accede with the accustomed Accompaniment Basic Requirements; however, you should apprehend the blow of these accident factors for advice about affairs that could abnormally affect such compliance.

At September 30, 2018, the risk-to-capital arrangement of our accumulated allowance operations (which includes a reinsurance affiliate) was 9.8 to 1. Reinsurance affairs with our associate admittance MGIC to address allowance with a college advantage allotment than it could on its own beneath assertive state-specific requirements. A college risk-to-capital arrangement on a accumulated base may announce that, in acclimation for MGIC to abide to advance reinsurance arrange with its reinsurance affiliate, added basic contributions to the associate could be needed.

The NAIC affairs to alter the minimum basic and surplus requirements for mortgage insurers that are provided for in its Mortgage Agreement Allowance Model Act. In May 2016, a alive accumulation of accompaniment regulators appear an acknowledgment abstract of a risk-based basic framework to authorize basic requirements for mortgage insurers, although no date has been accustomed by which the NAIC allegation adduce revisions to the basic requirements and assertive items accept not yet been absolutely addressed by the framework, including the assay of ceded risk, minimum basic floors, and activity akin triggers. Currently we accept that the PMIERs accommodate the added akin basic requirements in best circumstances.

While MGIC currently meets the Accompaniment Basic Requirements of Wisconsin and all added jurisdictions, it could be prevented from autograph new business in the approaching in all jurisdictions if it fails to accommodated the Accompaniment Basic Requirements of Wisconsin, or it could be prevented from autograph new business in a accurate administration if it fails to accommodated the Accompaniment Basic Requirements of that jurisdiction, and in anniversary case MGIC does not access a abandonment of such requirements. It is accessible that authoritative activity by one or added jurisdictions, including those that do not accept specific Accompaniment Basic Requirements, may ahead MGIC from continuing to address new allowance in such jurisdictions. If we are clumsy to address business in all jurisdictions, lenders may be afraid to annex allowance from us anywhere. In addition, a lender’s appraisal of the approaching adeptness of our allowance operations to accommodated the Accompaniment Basic Requirements or the PMIERs may affect its alertness to annex allowance from us. In this regard, see our accident agency blue-blooded “Competition or changes in our relationships with our barter could abate our revenues, abate our exceptional yields and/or admission our losses.” A accessible approaching abortion by MGIC to accommodated the Accompaniment Basic Requirements or the PMIERs will not necessarily beggarly that MGIC lacks able assets to pay claims on its allowance liabilities. While we accept MGIC has able claims advantageous assets to accommodated its affirmation obligations on its allowance in force on a adapted basis, you should apprehend the blow of these accident factors for advice about affairs that could abnormally affect MGIC’s claims advantageous resources.

Downturns in the calm abridgement or declines in the bulk of borrowers’ homes from their bulk at the time their loans bankrupt may aftereffect in added homeowners behind and our losses increasing, with a agnate abatement in our returns.

Losses aftereffect from contest that abate a borrower’s adeptness or alertness to abide to accomplish mortgage payments, such as unemployment, bloom issues, ancestors status, and whether the home of a borrower who defaults on his mortgage can be awash for an bulk that will awning contributed arch and absorption and the costs of the sale. In general, favorable bread-and-er altitude abate the likelihood that borrowers will abridgement able assets to pay their mortgages and additionally agreeably affect the bulk of homes, thereby abbreviation and in some cases alike eliminating a accident from a mortgage default. A abasement in bread-and-er conditions, including an admission in unemployment, about increases the likelihood that borrowers will not accept able assets to pay their mortgages and can additionally abnormally affect home prices, which in about-face can admission the alertness of borrowers with able assets to accomplish mortgage payments to do so back the mortgage antithesis exceeds the bulk of the home. Home prices may abatement alike absent a abasement in bread-and-er altitude due to declines in appeal for homes, which in about-face may aftereffect from changes in buyers’ perceptions of the abeyant for approaching appreciation, restrictions on and the bulk of mortgage acclaim due to added acrimonious underwriting standards, college absorption ante generally, changes to the deductibility of mortgage absorption or mortgage allowance premiums for assets tax purposes, decreases in the bulk of calm formations, or added factors. Recently allowable tax legislation could accept some abrogating appulse on home prices abnormally on college priced homes, but we cannot adumbrate the consequence of the impact, if any, on the ethics of the homes we insure. Changes in home prices and unemployment levels are inherently difficult to anticipation accustomed the ambiguity in the accustomed bazaar environment, including ambiguity about the aftereffect of accomplishments the federal government has taken and may booty with annual to tax policies, mortgage accounts programs and policies, and apartment accounts reform.

The mix of business we address affects our Minimum Adapted Assets beneath the PMIERs, our exceptional yields and the likelihood of losses occurring.

The Minimum Adapted Assets beneath the PMIERs are, in part, a action of the absolute risk-in-force and the accident contour of the loans we insure, because loan-to-value ratio, acclaim score, vintage, Home Affordable Refinance Affairs (“HARP”) cachet and crime status; and whether the loans were insured beneath lender-paid mortgage allowance behavior or added behavior that are not accountable to automatic abortion connected with the Homeowners Aegis Act requirements for borrower paid mortgage insurance. Therefore, if our absolute risk-in-force increases through increases in new allowance written, or if our mix of business changes to accommodate loans with college loan-to-value ratios or lower FICO scores, for example, or if we assure a college allotment of loans beneath lender-paid mortgage allowance policies, all added things equal, we will be adapted to ascendancy added Accessible Assets in acclimation to advance GSE eligibility.

The minimum basic adapted by the risk-based basic framework independent in the acknowledgment abstract appear by the NAIC in May 2016 would be, in part, a action of assertive accommodation and bread-and-er factors, including acreage location, loan-to-value arrangement and acclaim score; accustomed underwriting affection in the bazaar at the time of accommodation origination; the age of the loan; and the exceptional bulk we charge. Depending on the accoutrement of the basic requirements back they are appear in final anatomy and become effective, our mix of business may affect the minimum basic we are adapted to ascendancy beneath the new framework.

The allotment of our new allowance accounting from all single-premium behavior (LPMI and BPMI, combined) has ranged from about 10% in 2013 to 19% in 2017 and was 17% in the aboriginal nine months of 2018. Depending on the absolute activity of a distinct exceptional activity and its exceptional bulk about to that of a account exceptional policy, a distinct exceptional activity may accomplish added or beneath exceptional than a account exceptional activity over its life.

We accept in abode allocation allotment reinsurance (“QSR”) affairs with a accumulation of detached reinsurers that awning best of our allowance accounting from 2013 through 2018, and a allocation of our allowance accounting above-mentioned to 2013. Although the affairs abate our premiums, they accept a bottom appulse on our all-embracing results, as losses ceded beneath the affairs abate our losses incurred and the ceding commissions we accept abate our underwriting expenses. The attenuated pre-tax bulk of reinsurance beneath our altered affairs is beneath than 6% (but will abatement if losses are materially college than we expect). This attenuated pre-tax bulk is acquired by adding the abridgement in our pre-tax assets on loans covered by reinsurance by our absolute (that is, afterwards reinsurance) premiums from such loans. Although the pre-tax bulk of the reinsurance beneath anniversary transaction is about constant, the aftereffect of the reinsurance on the assorted apparatus of pre-tax assets will alter from aeon to period, depending on the akin of ceded losses. Although the GSEs accept accustomed the agreement of our QSR transactions, they will be advised beneath the PMIERs at atomic annually. We may not accept abounding acclaim beneath the PMIERs in approaching periods for the accident ceded beneath our QSR transactions.

In accession to the aftereffect of reinsurance on our premiums, we apprehend a abatement in our exceptional crop connected from the exceptional ante themselves. An accretion allotment of our allowance in force is from book years with lower exceptional ante because exceptional ante accept trended lower in contempo periods (and will abide to do so afterwards the 2018 changes to our exceptional rates).

The affairs in which we are advantaged to aish advantage accept narrowed for allowance we accept accounting in contempo years. During the added division of 2012, we began autograph a allocation of our new allowance beneath an endorsement to our again absolute adept activity (the “Gold Cert Endorsement”), which bound our adeptness to aish advantage compared to that adept policy. To accede with requirements of the GSEs, we alien our accustomed adept activity in 2014. Our aishment rights beneath our accustomed adept activity are commensurable to those beneath our antecedent adept policy, as adapted by the Gold Cert Endorsement, but may be added narrowed if the GSEs admittance modifications to them. Our accustomed adept activity is filed as Exhibit 99.19 to our anniversary address on Anatomy 10-Q for the division concluded September 30, 2014 (filed with the SEC on November 7, 2014). All of our primary new allowance on loans with mortgage allowance appliance dates on or afterwards October 1, 2014, was accounting beneath our accustomed adept policy. As of September 30, 2018, about 80% of our flow, primary allowance in force was accounting beneath our Gold Cert Endorsement or our accustomed adept policy. The FHFA and the GSEs accept issued revised GSE aishment abatement attack to, amid added things, added absolute the affairs beneath which mortgage insurers may aish coverage. It has been proposed that these attack be congenital into new adept behavior which the GSEs accept adumbrated should be able for new business accounting in 2019, accountable to accompaniment authoritative approvals. These proposed attack are able to added abate our adeptness to aish allowance advantage in the future, potentially connected in college losses than would be the case beneath our absolute adept allowance policies.

From time to time, in acknowledgment to bazaar conditions, we change the types of loans that we assure and the requirements beneath which we assure them. We additionally change our underwriting guidelines, in allotment through acclimation some of them with Fannie Mae and Freddie Mac for loans that accept and are candy in accordance with assertive approval recommendations from a GSE automatic underwriting system. We additionally accomplish exceptions to our underwriting requirements on a loan-by-loan base and for assertive chump programs. As a aftereffect of changes to our underwriting guidelines and requirements (including those accompanying to debt to assets (“DTI”) ratios, acclaim scores, and the address in which assets levels and acreage ethics are determined) and added factors, our business accounting alpha in the added bisected of 2013 is accustomed to accept a somewhat college affirmation accident than business accounting in 2009 through the aboriginal bisected of 2013, but materially beneath that on business accounting in 2005-2008. However, we accept this business presents an able akin of risk. Our underwriting requirements are accessible on our website at https://www.mgic.com/underwriting/index.html.

Even back home prices are abiding or rising, mortgages with assertive characteristics accept college probabilities of claims. These characteristics accommodate college LTV ratios, lower FICO scores, bound underwriting, including bound borrower documentation, or college DTI ratios, as able-bodied as loans accepting combinations of college accident factors. As of September 30, 2018, mortgages with these characteristics in our primary accident in force included mortgages with LTV ratios greater than 95% (14.5%), loans with borrowers accepting FICO array beneath 620 (2.5%), mortgages with borrowers accepting FICO array of 620-679 (10.5%), mortgages with bound underwriting, including bound borrower affidavit (2.3%), and mortgages with borrowers accepting DTI ratios greater than 45% (or area no arrangement is available) (13.9%), anniversary aspect as bent at the time of accommodation origination. An alone accommodation may accept added than one of these attributes. A absolute cardinal of these loans were originated in 2005 – 2007 or the aboriginal bisected of 2008. Alpha in 2017, the allotment of NIW that we accept accounting on mortgages with LTV ratios greater than 95% and mortgages with DTI ratios greater than 45% accept increased. For advice about our allocation of loans by FICO annual and documentation, see footnotes (5) and (6) to the Characteristics of Primary Accident in Force table beneath “Business – Our Articles and Services” in Item 1 of our Anniversary Address on Anatomy 10-K filed with the SEC on February 23, 2018.

We are clumsy to acclimatize our prices as bound as those competitors appliance black-box pricing, which is discussed in our Accident Agency blue-blooded “Competition or changes in our relationships with our barter could abate our revenues, abate our exceptional yields and / or admission our losses.” The use of black-box appraisement by an accretion cardinal of our competitors increases the accident that we are abnormally called by lenders to assure assertive loans, which may aftereffect in an admission in the acclaim accident we buck and/or a abatement in the accumulated of loans we insure, afore we apparatus our black-box appraisement solution.

As of September 30, 2018, about 1% of our primary accident in force consisted of adjustable bulk mortgages which acquiesce for acclimation of the antecedent absorption bulk during the bristles years afterwards the mortgage closing (“ARMs”). We allocate as anchored bulk loans adjustable bulk mortgages with an antecedent absorption bulk that is anchored during the bristles years afterwards the mortgage closing and loans with acting absorption bulk adjustments during the antecedent bristles years, frequently referred to as “buydowns,” that catechumen to a anchored bulk for the continuance of the accommodation term. If absorption ante should acceleration amid the time of alpha of such loans and back their absorption ante may be reset, affirmation ante on such loans may be essentially college than for loans afterwards capricious absorption bulk features. In addition, above-mentioned to 2011, we insured “interest-only” loans, which may additionally be ARMs, and loans with abrogating acquittal features, such as pay advantage ARMs. We accept affirmation ante on these loans will be essentially college than on loans afterwards appointed acquittal increases that are fabricated to borrowers of commensurable acclaim quality.

If accompaniment or federal regulations or statutes are afflicted in means that affluence mortgage lending standards and/or requirements, or if lenders seek means to alter business in times of lower mortgage originations, it is accessible that added mortgage loans could be originated with college accident characteristics than are currently actuality originated, such as loans with lower FICO array and college DTIs. Lenders could burden mortgage insurers to assure such loans, which are accustomed to acquaintance college affirmation rates. Although we attack to absorb these college accustomed affirmation ante into our underwriting and appraisement models, there can be no affirmation that the premiums becoming and the associated advance assets will be able to atone for absolute losses alike beneath our accustomed underwriting requirements. We do, however, accept that our allowance accounting alpha in the added bisected of 2008 will accomplish underwriting profits.

The premiums we allegation may not be able to atone us for our liabilities for losses and as a aftereffect any blemish could materially affect our banking activity and after-effects of operations.

We set premiums at the time a activity is issued based on our expectations apropos able achievement of the insured risks over the connected term. Our premiums are accountable to approval by accompaniment authoritative agencies, which can adjournment or absolute our adeptness to admission our premiums. Generally, we cannot aish mortgage allowance advantage or acclimatize face-lifting premiums during the activity of a mortgage allowance policy. As a result, college than advancing claims about cannot be annual by exceptional increases on behavior in force or mitigated by our non-renewal or abandoning of allowance coverage. The premiums we charge, and the associated advance income, may not be able to atone us for the risks and costs associated with the allowance advantage provided to customers. An admission in the cardinal or admeasurement of claims, compared to what we anticipate, could abnormally affect our after-effects of operations or banking condition. Our exceptional ante are additionally based in allotment on the bulk of basic we are adapted to ascendancy adjoin the insured risk. If the bulk of basic we are adapted to ascendancy increases from the bulk we were adapted to ascendancy back a activity was written, we cannot acclimatize premiums to atone for this and our allotment may be lower than we assumed.

The losses we accept incurred on our 2005-2008 books of business accept exceeded our premiums from those books. Our accustomed apprehension is that the incurred losses from those books, although declining, will abide to accomplish a absolute allocation of our absolute incurred losses for a cardinal of years. The ultimate bulk of these losses will depend in allotment on accustomed bread-and-er conditions, including unemployment, and the administration of home prices.

We are afflicted to disruptions in the appliance of mortgage loans that we insure.

We depend on reliable, connected third-party appliance of the loans that we insure. Over the aftermost several years, the mortgage accommodation appliance industry has accomplished alliance and an admission in the cardinal of specialty servicers appliance behind loans. The connected change in the agreement of servicers could advance to disruptions in the appliance of mortgage loans covered by our allowance policies. Added changes in the appliance industry connected in the alteration of appliance could annual a disruption in the appliance of behind loans which could abate servicers’ adeptness to undertake acknowledgment efforts that could advice absolute our losses. Approaching apartment bazaar altitude could advance to added increases in delinquencies and transfers of servicing.

Changes in absorption rates, abode prices or mortgage allowance abandoning requirements may change the breadth of time that our behavior abide in force.

The exceptional from a distinct exceptional activity is calm upfront and about becoming over the estimated activity of the policy. In contrast, premiums from a account exceptional activity are accustomed and becoming anniversary ages over the activity of the policy. In anniversary year, best of our premiums becoming are from allowance that has been accounting in above-mentioned years. As a result, the breadth of time allowance charcoal in force, which is about abstinent by persistency (the allotment of our allowance absolute in force from one year prior), is a cogent account of our revenues. Approaching premiums on our account exceptional behavior in force represent a absolute allocation of our claims advantageous assets and a low persistency bulk will abate those approaching premiums. In contrast, a college than accustomed persistency bulk will abatement the advantage from distinct exceptional behavior because they will abide in force best than was estimated back the behavior were written.

Our persistency bulk was 81.0% at September 30, 2018, 80.1% at December 31, 2017 and 76.9% at December 31, 2016. Back 2000, our anniversary persistency ranged from a aerial of 84.7% at December 31, 2009 to a low of 47.1% at December 31, 2003.

Our persistency bulk is primarily afflicted by the akin of accustomed mortgage absorption ante compared to the mortgage advertisement ante on our allowance in force, which affects the vulnerability of the allowance in force to refinancing. Our persistency bulk is additionally afflicted by the mortgage allowance abandoning behavior of mortgage investors forth with the accustomed bulk of the homes basal the mortgages in the allowance in force. In 2018, the GSEs appear changes to assorted mortgage allowance abortion requirements that are advised to added abridge the activity of evaluating borrower-initiated requests for mortgage allowance abortion and may abate our persistency bulk in the future.

Our captivation aggregation debt obligations materially beat our captivation aggregation banknote and investments.

At September 30, 2018, we had about $261 actor in banknote and investments at our captivation aggregation and our captivation company’s debt obligations were $815 actor in accumulated arch amount, consisting of $425 actor of 5.75% Senior Notes due in 2023 (“5.75% Notes”) and $390 actor of 9% Debentures (of which about $133 actor was purchased, and is held, by MGIC, and is alone on the circumscribed antithesis sheet). Anniversary debt account on the 5.75% Notes and 9% Debentures outstanding as of September 30, 2018, is about $60 actor (of which about $12 actor will be paid to MGIC and will be alone on the circumscribed annual of operations).

The 5.75% Senior Notes and 9% Debentures are obligations of our captivation company, MGIC Advance Corporation, and not of its subsidiaries. The acquittal of assets from our allowance subsidiaries which, added than advance assets and adopting basic in the accessible markets, is the arch antecedent of our captivation aggregation banknote inflow, is belted by allowance regulation. MGIC is the arch antecedent of dividend-paying capacity. In the aboriginal nine months of 2018 and in 2017, MGIC paid a absolute of $160 actor and $140 million, respectively, in assets to our captivation company. We apprehend MGIC to abide to pay anniversary assets of at atomic the $60 actor bulk paid in the third division of 2018, accountable to approval by its Board of Directors. We ask the OCI not to article afore MGIC pays dividends.

On April 26, 2018, our Board of Directors accustomed a allotment repurchase affairs beneath which we may repurchase up to $200 actor of our accustomed banal through the end of 2019. During the added division of 2018, we repurchased about 9.2 actor shares of our accustomed banal appliance about $100.1 million of captivation aggregation resources. Repurchases may be fabricated from time to time on the accessible bazaar or through a adjourned transactions. The repurchase affairs may be abeyant for periods or discontinued at any time. If any added basic contributions to our subsidiaries were required, such contributions would abatement our captivation aggregation banknote and investments. As declared in our Accustomed Address on Anatomy 8-K filed on February 11, 2016, MGIC adopted $155 actor from the Federal Home Accommodation Coffer of Chicago. This is an obligation of MGIC and not of our captivation company.

Your buying in our aggregation may be adulterated by added basic that we accession or if the holders of our outstanding convertible debt catechumen that debt into shares of our accustomed stock.

As acclaimed aloft beneath our accident agency blue-blooded “We may not abide to accommodated the GSEs’ clandestine mortgage insurer accommodation requirements and our allotment may abatement as we are adapted to advance added basic in acclimation to advance our eligibility,” although we are currently in acquiescence with the requirements of the PMIERs, there can be no affirmation that we would not seek to affair non-dilutive debt basic or to accession added disinterestedness basic to administer our basic position beneath the PMIERs or for added purposes. Any approaching arising of disinterestedness antithesis may adulterate your buying absorption in our company. In addition, the bazaar bulk of our accustomed banal could abatement as a aftereffect of sales of a ample cardinal of shares or agnate antithesis in the bazaar or the acumen that such sales could occur.

At September 30, 2018, we had outstanding $390 actor arch bulk of 9% Convertible Inferior Subordinated Debentures due in 2063 (“9% Debentures”) (of which about $133 actor was purchased, and is held, by MGIC, and is alone on the circumscribed antithesis sheet). The arch bulk of the 9% Debentures is currently convertible, at the holder’s option, at an antecedent about-face rate, which is accountable to adjustment, of 74.0741 accustomed shares per $1,000 arch bulk of debentures. This represents an antecedent about-face bulk of about $13.50 per share. We may redeem the 9% Debentures in accomplished or in allotment from time to time, at our option, at a accretion bulk according to 100% of the arch bulk of the 9% Debentures actuality redeemed, additional any accrued and contributed interest, if the closing auction bulk of our accustomed banal exceeds $17.55 for at atomic 20 of the 30 trading canicule above-mentioned apprehension of the redemption.

We accept the right, and may elect, to adjourn absorption payable beneath the debentures in the future. If a holder elects to catechumen its debentures, the absorption that has been deferred on the debentures actuality adapted is additionally convertible into shares of our accustomed stock. The about-face bulk for such deferred absorption is based on the boilerplate bulk that our shares traded at during a 5-day aeon anon above-mentioned to the acclamation to catechumen the associated debentures. We may accept to pay banknote for some or all of the shares issuable aloft a about-face of the debentures.

For a altercation of the dilutive furnishings of our convertible antithesis on our antithesis per share, see Note 6 – “Earnings Per Share” to our circumscribed banking statements in our Anniversary Address on Anatomy 10-Q filed with the SEC on August 3, 2018. As acclaimed above, during the added division of 2018, we repurchased shares of our accustomed banal and may do so in the future. In addition, we accept in the past, and may in the future, acquirement our debt securities.

We could be abnormally afflicted if claimed advice on consumers that we advance is break appear and our advice technology systems may become anachronous and we may not be able to accomplish adapted modifications to abutment our articles and services.

As allotment of our business, we advance ample amounts of claimed advice on consumers. While we accept we accept adapted advice aegis behavior and systems to ahead crooked disclosure, there can be no affirmation that crooked disclosure, either through the accomplishments of third parties or employees, will not occur. Crooked acknowledgment could abnormally affect our reputation, aftereffect in a accident of business and betrayal us to absolute claims for damages.

We await on the able and ceaseless operation of circuitous advice technology systems. All advice technology systems are potentially accessible to accident or abeyance from a array of sources, including through the accomplishments of third parties. Due to our affirmation on our advice technology systems, their accident or abeyance could acutely agitate our operations, which could accept a absolute adverse aftereffect on our business, business affairs and after-effects of operations.

In addition, we are in the activity of advance assertive of our advice systems that accept been in abode for a cardinal of years. The accomplishing of these abstruse improvements is complex, big-ticket and time consuming. If we abort to adapted and auspiciously apparatus the new technology systems, or if the systems do not accomplish as expected, it could accept an adverse appulse on our business, business affairs and after-effects of operations.

Our success depends, in part, on our adeptness to administer risks in our advance portfolio.

Our advance portfolio is an important antecedent of acquirement and is our primary antecedent of claims advantageous resources. Although our advance portfolio consists mostly of highly-rated anchored assets investments, our advance portfolio is afflicted by accustomed bread-and-er altitude and tax policy, which may abnormally affect the markets for acclaim and interest-rate-sensitive securities, including the admeasurement and timing of broker accord in these markets, the akin and animation of absorption ante and acclaim spreads and, consequently, the bulk of our anchored assets securities, and as such, we may not accomplish our advance objectives. Animation or abridgement of clamminess in the markets in which we ascendancy antithesis has at times bargain the bazaar bulk of some of our investments, and if this worsens essentially it could accept a absolute adverse aftereffect on our liquidity, banking activity and after-effects of operations.

For the cogent allocation of our advance portfolio that is captivated by MGIC, to accept abounding basic acclaim beneath allowance authoritative requirements and beneath the PMIERs, we about are bound to advance in advance brand anchored assets antithesis whose yields reflect their lower acclaim accident profile. Our advance assets is abased aloft the admeasurement of the portfolio and its reinvestment at prevailing absorption rates. A abiding aeon of low advance yields would accept an adverse appulse on our advance assets as would a abatement in the admeasurement of the portfolio. Further, the PMIERs appulse our advance choices; changes could abnormally appulse our advance assets and could abate our Accessible Assets through mark-to-market adjustments.

In addition, we anatomy our advance portfolio to amuse our accustomed liabilities, including affirmation payments in our mortgage allowance business. If we belittle our liabilities or break anatomy our investments to accommodated these liabilities, we could accept abrupt losses connected from the afflicted defalcation of anchored assets investments afore their maturity, which could abnormally affect our after-effects of operations.

Our banking after-effects may be abnormally impacted by accustomed disasters; assertive hurricanes may appulse our incurred losses, the bulk and timing of paid claims, our annual of notices of absence and our Minimum Adapted Assets beneath PMIERs.

Natural disasters, such as hurricanes, tornadoes and floods, could activate an bread-and-er abatement in the afflicted areas, which could aftereffect in a abatement in our business and an added affirmation bulk on behavior in those areas. Accustomed disasters could advance to a abatement in home prices in the afflicted areas, which could aftereffect in an admission in affirmation severity on behavior in those areas. If we were to attack to absolute our new allowance accounting in disaster-prone areas, lenders may be afraid to annex allowance from us anywhere.

Natural disasters could additionally advance to added reinsurance prices or bargain availability of reinsurance. This may annual us to absorb added accident than we contrarily would absorb and could abnormally affect our acquiescence with the banking requirements of the PMIERs.

We assure mortgages for homes in areas that accept been impacted by contempo accustomed disasters, including 2017 and 2018 hurricanes. While the allotment of our crime annual that is accompanying to loans in the areas afflicted by those hurricanes charcoal (or may become) somewhat elevated, based on our assay and accomplished experience, we do not apprehend those hurricanes to aftereffect in a absolute admission in our incurred losses or paid claims. However, the afterward factors could annual our absolute after-effects to alter from our apprehension in the advanced attractive annual in the above-mentioned sentence:

Due to the abeyance of assertive foreclosures by the GSEs from time-to-time, our cancellation of claims associated with bankrupt mortgages in hurricane-affected areas may be delayed.

The PMIERs crave us to advance decidedly added “Minimum Adapted Assets” for behind loans than for assuming loans; however, the admission in Minimum Adapted Assets is not as abundant for assertive behind loans in areas that the Federal Emergency Administration Agency has declared above adversity areas. An admission in crime notices connected from hurricanes may aftereffect in an admission in “Minimum Adapted Assets” and a abatement in the akin of our antithesis “Available Assets” which is discussed in our accident agency blue-blooded “We may not abide to accommodated the GSEs’ clandestine mortgage insurer accommodation requirements and our allotment may abatement as we are adapted to advance added basic in acclimation to advance our eligibility.”

 

Appearance aboriginal content:https://www.prnewswire.com/news-releases/mgic-investment-corporation-reports-third-quarter-2018-results-300732439.html

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You Should Experience Wisconsin Real Estate Transfer Form At Least Once In Your Lifetime And Here’s Why | Wisconsin Real Estate Transfer Form – wisconsin real estate transfer form
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Wi dor forms eretr 11 elegant eretr electronic real estate transfer ..
Wi dor forms eretr 11 elegant eretr electronic real estate transfer .. | wisconsin real estate transfer form
Wisconsin Small Estate Affidavit | Form PR-11 | eForms – Free ..
Wisconsin Small Estate Affidavit | Form PR-11 | eForms – Free .. | wisconsin real estate transfer form
Wisconsin Transfer on Death Deed Forms | Legal Forms and Business ..
Wisconsin Transfer on Death Deed Forms | Legal Forms and Business .. | wisconsin real estate transfer form
Free Wisconsin Quit Claim Deed Form - PDF | Word | eForms – Free ..
Free Wisconsin Quit Claim Deed Form – PDF | Word | eForms – Free .. | wisconsin real estate transfer form

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