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Form 10-K Summary (optional) 125 S ignatures 126 MGIC Investment Corporation 2025 Form 10-K | 3 Glossary of terms and acronyms / A ARMs Adjustable rate mortgages ABS Asset-backed securities Annual Persistency The percentage of our insurance remaining in force from one year prior.
ASC Accounting Standards Codification Available Assets Assets, as designated under the PMIERs, that are readily available to pay claims, and include the most liquid investments.
/ B Book or book year A group of loans insured in a particular calendar year BPMI Borrower-paid mortgage insurance BPS Basis Points / C CECL Current expected credit losses covered under ASC 326 CFPB Consumer Financial Protection Bureau CLO Collateralized loan obligations CMBS Commercial mortgage-backed securities COVID-19 Pandemic An outbreak of the novel coronavirus disease, later named COVID-19.
The outbreak of COVID-19 was declared a pandemic by the World Health Organization and a national emergency in the United States in March 2020.
The transfer of a portion of mortgage credit risk to the private sector through different forms of transactions and structures.
/ D DAC Deferred insurance policy acquisition costs Debt-to-income ("DTI") ratio The ratio, expressed as a percentage, of a borrower's total debt payments to gross income.
Delinquent Loan A loan that is past due on a mortgage payment.
ILN Insurance-linked notes / L LAE Loss adjustment expenses, which includes the costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process Loan-to-value ("LTV") ratio The ratio, expressed as a percentage, of the dollar amount of the first mortgage loan to the value of the property at the time the loan became insured and does not reflect subsequent housing price appreciation or depreciation.
Long-term debt: 5.25% Notes 5.25% Senior Notes due on August 15, 2028, with interest payable semi-annually on February 15 and August 15 of each year.
The policyholder position of a mortgage insurer is its net worth or surplus, contingency reserve and a portion of the reserves for unearned premiums.
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Form 10-K Summary (optional) 129 SIGNATURES 130 MGIC Investment Corporation 2024 Form 10-K | 3 Glossary of terms and acronyms / A ARMs Adjustable rate mortgages ABS Asset-backed securities Annual Persistency The percentage of our insurance remaining in force from one year prior.
As of September 30, 2023, we refined our methodology for calculating our Annual Persistency by excluding the amortization of the principal balance.
The outbreak of COVID-19 was declared a pandemic by the World Health Organization and a national emergency in the United States in March 2020 CRT Credit risk transfer.
The transfer of a portion of mortgage credit risk to the private sector through different forms of transactions and structures / D DAC Deferred insurance policy acquisition costs Debt-to-income ("DTI") ratio The ratio, expressed as a percentage, of a borrower's total debt payments to gross income Delinquent Loan A loan that is past due on a mortgage payment.
Collectively, Fannie Mae and Freddie Mac / H HAMP Home Affordable Modification Program HARP Home Affordable Refinance Program Home Re Entities Unaffiliated special purpose insurers domiciled in Bermuda that participate in our aggregate XOL Transactions through the ILN market.
Home Re Transactions Excess-of-loss reinsurance transactions with the Home Re Entities HOPA Homeowners Protection Act HUD Housing and Urban Development / I IBNR Reserves Loss reserves established on loans we estimate are delinquent, but for which the delinquency has not been reported to us IIF Insurance in force is the unpaid principal balance, either estimated by us or reported to us by mortgage servicers, for the loans we insure.
In the third quarter of 2024, we updated our method for calculating the unpaid principal balance on our in force loans.
ILN Insurance-linked notes / L LAE Loss adjustment expenses, which includes the costs of settling claims, including legal and other expenses and general expenses of administering the claims settlement process.
Loan-to-value ("LTV") ratio The ratio, expressed as a percentage, of the dollar amount of the first mortgage loan to the value of the property at the time the loan became insured and does not reflect subsequent housing price appreciation or depreciation.
In 2024, our total revenues were $1.2 billion and our primary NIW was $55.7 billion.