As has been the case for mortgage bankers, new quarterly business fell at MGIC Investment Corp. Also declining was the rate of late payments. But the book of business expanded.

Before taxes, the Milwaukee-based holding company earned $180 million during the three months ended March 31, according to its first-quarter earnings report.

Income improved from $174 million in the first-three months of last year. But the mortgage insurer experienced deterioration versus the $245 million earned in the final-three months of 2017.

Source: Mortgage Daily