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MGIC Investment Corp. Message Board

  • embarrassing1234 embarrassing1234 Oct 16, 2013 4:14 PM Flag

    Countrywide... from the call

    "In October, we received consent from the GSEs regarding the previously-executed settlement agreement with Countrywide regarding rescission of coverage on GSE loans. As a result, during the fourth quarter, we will begin to implement the operational components of this agreement. As a reminder, this means that we will process as claims the rescissions on GSE loans that we have been holding. This will impact our operating statistics we publish monthly, but will not impact our incurred losses as we have previously recorded the charge a year ago. The activity associated with the agreement will be broken out when we release our operating statistics each month."

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    • This is the positive event I have been expecting for Q4, expect default inventory to decline with no impact to income statement.

    • Geoffrey M. Dunn - Dowling & Partners Securities, LLC
      Sure. And then with respect to the Countrywide, I think there's, what, 2100 loans associated with that settlement?

      Timothy J. Mattke - Chief Accounting Officer, Senior Vice President and Controller
      From the GSEs.

      Geoffrey M. Dunn - Dowling & Partners Securities, LLC
      Yes, so is that something we should expect -- does your capacity allow for processing of all 2,100 in the fourth quarter, or is that something that's going to be bled in over 3, 4, 5 months?

      Michael J. Zimmerman - Senior Vice President of Investor Relations
      The goal is to try and get them processed in the next -- in November starting in the fourth quarter. And on the loans effective -- the GSE loans process those our goal again this quarter.

      Curt S. Culver - Executive Chairman, Chief Executive Officer, Chairman of Executive Committee, Chairman of Mgic and Chief Executive Officer of Mgic
      So the lion's share, not all, will be done in the fourth quarter, Geoff.

      Geoffrey M. Dunn - Dowling & Partners Securities, LLC
      So the right way to think about the fourth quarter is kind of maybe a declining run rate off of this quarter's claimants, then it's plus 2,100 loans?

      Michael J. Zimmerman - Senior Vice President of Investor Relations
      Geoff, are you talking about the delinquent inventory or what?

      Geoffrey M. Dunn - Dowling & Partners Securities, LLC
      Yes, basically, I mean, you did about -- just under 8,700 claims this quarter. I'm wondering if we should be thinking that, that's going to spike up 9,500 or higher.

      Curt S. Culver - Executive Chairman, Chief Executive Officer, Chairman of Executive Committee, Chairman of Mgic and Chief Executive Officer of Mgic
      Definitely the number of claims payable definitely spike up this quarter. And what we plan to do in our monthly statistics. But I will -- we will give you that specific line item us what, if you will, extraordinary activity was during the month that was associated with the implementation of the agreem

      • 1 Reply to embarrassing1234
      • Curt S. Culver - Executive Chairman, Chief Executive Officer, Chairman of Executive Committee, Chairman of Mgic and Chief Executive Officer of Mgic
        Definitely the number of claims payable definitely spike up this quarter. And what we plan to do in our monthly statistics. But I will -- we will give you that specific line item us what, if you will, extraordinary activity was during the month that was associated with the implementation of the agreement. But it absolutely will increase, materially increase during the quarter on a processing basis, paid basis.

 
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