Mortgage insurer MGIC InvestmentCorp posted its first quarterly profit in three years as fewer people defaulted on their home loans, sending its shares up as much as 16 percent in premarket trading.
A recovering housing market has helped MGIC, the second-largest U.S. mortgage insurer by market capitalization, as foreclosures have fallen and homeowners have been able to make timely repayments on new loans.
Chief Executive Curt Culver said he was encouraged by MGIC's recent credit performance, given that the number of delinquent loans fell 24 percent in the second quarter to their lowest in the last five years.
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