the provision for ( benefit from ) income taxes in our 2016 results reflects a tax provision at the statutory rate while our prior year results reflect the impact of the changes in our valuation allowance against our deferred tax assets , including its reversal in that year . our operating results for 2016 reflect a larger mortgage origination market compared to the prior year and improved credit performance of our primary rif . we grew our iif to $ 182.0 billion , or 4.3 % , during 2016 and we wrote our highest annual level of new insurance since 2008. importantly , the niw in 2016 has , in our view , strong underlying credit characteristics . our 2009 and later books continued to experience a low level of losses and accounted for 71 % of our total primary rif as of december 31 , 2016. our legacy books , particularly those written in 2005-2008 , continued to drive our new delinquent notice and claim activity , but they have experienced a continued decline in default inventory and paid claims . in 2016 , we completed a series of financing transactions that , in our view , improved our debt profile and reduced potentially dilutive shares , while maintaining strong levels of regulatory capital . specifically , we issued senior notes in the third quarter , which allowed us to repurchase a significant portion of our 2 % notes , and in the first half of the year we repurchased a portion of our 5 % notes with cash on hand and mgic purchased a portion of our 9 % debentures . in total , these transactions eliminated approximately 66 million potentially dilutive shares and reduced our annual consolidated interest expense . mgic 's capital position in relation to the pmiers requirements continued to strengthen as mgic held over $ 630 million of available assets in excess of the minimum required assets at december 31 , 2016. our current strategy is to maintain an excess of 10 % -15 % over the minimum required assets . our ability to manage to this range is primarily subject to oci approval of dividends from mgic to our holding company ( which would reduce mgic 's available mgic investment corporation 2016 form 10-k | 44 replace_table_token_12_th assets ) , the credit performance of our rif ( which would increase or decrease its minimum required assets ) , and any changes made to the pmiers financial requirements ( which could increase or decrease available assets and or minimum required assets ) . during 2016 , mgic distributed $ 64 million of its excess available assets as dividends to our holding company . these dividends were the first dividends from mgic since 2008. in the first half of 2016 , the pmi industry broadly adopted new premium rates , we believe , primarily in response to operating under the financial requirements of the pmiers , which first became effective on december 31 , 2015. we revised both our bpmi and lpmi premium rates effective in april , which are competitively positioned within the industry , and are structured to generate comparable risk-adjusted returns across the spectrum of loans we insure . premium rates within the marketplace , which includes pmi and government programs offered by the fha and va , have an impact on the pmi industry 's total market share , as well as our share within the pmi industry from period to period . in 2016 , pmi as an industry captured a greater share of mortgage originations having insurance , but our estimated market share within the pmi industry declined to 17.8 % from 19.9 % in 2015. outlook for 2017 our outlook for 2017 should be viewed against the backdrop of the u.s. economy , competition , mortgage origination levels , and regulatory and legislative developments . each of these interrelated factors will affect our performance . our 2017 niw is expected to be comparable to our 2016 niw . our niw is affected by total mortgage originations , the percentage of total mortgage originations utilizing private mortgage insurance ( the `` pmi penetration rate `` ) and our market share within the pmi industry . as of late january 2017 , total mortgage originations are forecasted to decline in 2017 from 2016 levels due to declines in refinancing originations more than offsetting a small increase in purchase originations . we expect the pmi penetration rate to increase because historically pmi has captured a share of purchase originations that is estimated to be 3-4 times greater than that of refinancing originations . this increase in the pmi penetration rate should serve to mitigate the decline in total mortgage originations . although we can not predict our 2017 market share , recent industry consolidation may have a positive influence if lenders re-allocate the combined share of the consolidating companies among the remaining companies in the industry . although our expectation is for our 2017 niw to be comparable to that of 2016 , this will be highly dependent on the actual mortgage origination market and competition . if pricing competition intensifies and customers can obtain lower prices elsewhere , our niw may be lower than we expect . our book of iif is the main driver of our revenues and earnings and its growth is driven by our ability to generate niw and retain existing policies in force , as measured by our persistency . interest rates influence both our niw and persistency . since the presidential election , mortgage rates , as reflected in the 30-year fixed rate , have risen . in a rising rate environment , we expect the level of cancellation activity to de celerate , and in turn increase persistency , although the impact generally lags the change in interest rates . story_separator_special_tag as explained under “ critical accounting policies ” below , except in the case of a premium deficiency reserve , we recognize an estimate of this expense only for delinquent loans . the level of new delinquencies has historically followed a seasonal pattern , with new delinquencies in the first part of the year lower than new delinquencies in the latter part of the year , though this pattern can be affected by the state of the economy and local housing markets . losses incurred are generally affected by : the state of the economy , including unemployment and housing values , each of which affects the likelihood that loans will become delinquent and whether loans that are delinquent cure their delinquency . changes in housing values also affect our ability to mitigate our losses through sales of properties we acquire after paying a claim as well as borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance . mgic investment corporation 2016 form 10-k | 48 replace_table_token_15_th the product mix of the in force book , with loans having higher risk characteristics generally resulting in higher delinquencies and claims . the size of loans insured , with higher average loan amounts tending to increase losses incurred . the percentage of coverage on insured loans , with deeper average coverage tending to increase incurred losses . the rate at which we rescind policies . our estimated loss reserves reflect mitigation from rescissions of policies and denials of claims . we collectively refer to such rescissions and denials as “ rescissions ” and variations of this term . the distribution of claims over the life of a book . historically , the first few years after loans are originated are a period of relatively low claims , with claims increasing substantially for several years subsequent and then declining , although persistency , the condition of the economy , including unemployment and housing prices , and other factors can affect this pattern . for example , a weak economy or housing value declines can lead to claims from older books increasing , continuing at stable levels or experiencing a lower rate of decline . see further information under “ mortgage insurance earnings and cash flow cycle ” below . losses ceded under reinsurance agreements . see note 9 – “ reinsurance ” to our consolidated financial statements for a discussion of our reinsurance agreements . underwri ti ng and other expenses the majority of our operating expenses are fixed , with some variability due to contract underwriting volume . contract underwriting generates fee income included in “ other revenue . ” underwriting and other expenses are net of any ceding commission associated with our reinsurance agreements . see note 9 – “ reinsurance ” to our consolidated financial statements for a discussion of our reinsurance agreements . interest expense interest expense reflects the interest associated with our outstanding debt obligations discussed in note 7 – “ debt ” to our consolidated financial statements and under “ liquidity and capital resources ” below . other certain activities that we do not consider to be part of our fundamental operating activities may also impact our results of operations and are described below . net realized investment gains ( losses ) realized gains and losses are a function of the difference between the amount received on the sale of a security and the security 's cost basis , as well as any otti recognized in earnings . the amount received on the sale of fixed income securities is affected by the coupon rate of the security compared to the yield of comparable securities at the time of sale . loss on debt extinguishment at times , we may undertake activities to improve our debt profile and or reduce potential dilution from our outstanding convertible debt . extinguishing our outstanding debt obligations early through these discretionary activities may result in losses primarily driven by the payment of consideration in excess of our carrying value , and the write off of unamortized debt issuance costs on the extinguished portion of the long-term debt . refer to “ explanation and reconciliation of our use of non-gaap financial measures ” below to understand how these items impact our evaluation of our fundamental financial performance . mortgage insurance earnings and cash flow cycle in general , the majority of any underwriting profit that a book generates occurs in the early years of the book , with the largest portion of any underwriting profit realized in the first year following the year the book was written . subsequent years of a book generally result in either underwriting profit or underwriting losses . this pattern of results typically occurs because relatively few of the claims that a book will ultimately experience typically occur in the first few years of the book , when premium revenue is highest , while subsequent years are affected by declining premium revenues , as the number of insured loans decreases ( primarily due to loan prepayments ) and increasing losses . the typical pattern is also a function of premium rates generally resetting to lower levels after ten years . 49 | mgic investment corporation 2016 form 10-k explanation and reconciliation of our use of non-gaap financial measures non-gaap financial measures we believe that use of the non-gaap measures of pretax operating income ( loss ) , net operating income ( loss ) and net operating income ( loss ) per diluted share facilitate the evaluation of the company 's core financial performance thereby providing relevant information . these measures are not recognized in accordance with accounting principles generally accepted in the united states of america ( gaap ) and should not be viewed as alternatives to gaap measures of performance . the measures described below have been established to increase transparency for the purpose of evaluating our fundamental operating trends . pretax operating income ( loss )

debt at subsidiaries during the third quarter of 2015 , mgic became a member of the fhlb . membership in the fhlb provides mgic access to an additional source of liquidity via a secured lending facility . in february 2016 , mgic borrowed $ 155.0 million in the form of a fixed rate advance from the fhlb . interest on the advance is payable monthly at an annual rate , fixed for the term of the advance , of 1.91 % . the principal of the advance matures on february 10 , 2023. mgic may prepay the advance at any time . such prepayment would be below par if interest rates have risen after the advance was originated , or above par if interest rates have declined . the advance is secured by eligible collateral whose market value must be maintained at 102 % of the principal balance of the advance . mgic provided eligible collateral from its investment portfolio . capital adequacy pmiers we operate under the pmiers of the gses that became effective december 31 , 2015. the pmiers were most recently revised in december 2016 , which had had no impact on our calculation of available assets or minimum required assets , and did not impact our operations . the gses may further amend the pmiers at any time , and they have broad discretion to interpret the requirements , which could impact the calculation of our available assets and or minimum required assets .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt at subsidiaries during the third quarter of 2015 , mgic became a member of the fhlb . membership in the fhlb provides mgic access to an additional source of liquidity via a secured lending facility . in february 2016 , mgic borrowed $ 155.0 million in the form of a fixed rate advance from the fhlb . interest on the advance is payable monthly at an annual rate , fixed for the term of the advance , of 1.91 % . the principal of the advance matures on february 10 , 2023. mgic may prepay the advance at any time . such prepayment would be below par if interest rates have risen after the advance was originated , or above par if interest rates have declined . the advance is secured by eligible collateral whose market value must be maintained at 102 % of the principal balance of the advance . mgic provided eligible collateral from its investment portfolio . capital adequacy pmiers we operate under the pmiers of the gses that became effective december 31 , 2015. the pmiers were most recently revised in december 2016 , which had had no impact on our calculation of available assets or minimum required assets , and did not impact our operations . the gses may further amend the pmiers at any time , and they have broad discretion to interpret the requirements , which could impact the calculation of our available assets and or minimum required assets .
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 Suspicious Activity Report : the provision for ( benefit from ) income taxes in our 2016 results reflects a tax provision at the statutory rate while our prior year results reflect the impact of the changes in our valuation allowance against our deferred tax assets , including its reversal in that year . our operating results for 2016 reflect a larger mortgage origination market compared to the prior year and improved credit performance of our primary rif . we grew our iif to $ 182.0 billion , or 4.3 % , during 2016 and we wrote our highest annual level of new insurance since 2008. importantly , the niw in 2016 has , in our view , strong underlying credit characteristics . our 2009 and later books continued to experience a low level of losses and accounted for 71 % of our total primary rif as of december 31 , 2016. our legacy books , particularly those written in 2005-2008 , continued to drive our new delinquent notice and claim activity , but they have experienced a continued decline in default inventory and paid claims . in 2016 , we completed a series of financing transactions that , in our view , improved our debt profile and reduced potentially dilutive shares , while maintaining strong levels of regulatory capital . specifically , we issued senior notes in the third quarter , which allowed us to repurchase a significant portion of our 2 % notes , and in the first half of the year we repurchased a portion of our 5 % notes with cash on hand and mgic purchased a portion of our 9 % debentures . in total , these transactions eliminated approximately 66 million potentially dilutive shares and reduced our annual consolidated interest expense . mgic 's capital position in relation to the pmiers requirements continued to strengthen as mgic held over $ 630 million of available assets in excess of the minimum required assets at december 31 , 2016. our current strategy is to maintain an excess of 10 % -15 % over the minimum required assets . our ability to manage to this range is primarily subject to oci approval of dividends from mgic to our holding company ( which would reduce mgic 's available mgic investment corporation 2016 form 10-k | 44 replace_table_token_12_th assets ) , the credit performance of our rif ( which would increase or decrease its minimum required assets ) , and any changes made to the pmiers financial requirements ( which could increase or decrease available assets and or minimum required assets ) . during 2016 , mgic distributed $ 64 million of its excess available assets as dividends to our holding company . these dividends were the first dividends from mgic since 2008. in the first half of 2016 , the pmi industry broadly adopted new premium rates , we believe , primarily in response to operating under the financial requirements of the pmiers , which first became effective on december 31 , 2015. we revised both our bpmi and lpmi premium rates effective in april , which are competitively positioned within the industry , and are structured to generate comparable risk-adjusted returns across the spectrum of loans we insure . premium rates within the marketplace , which includes pmi and government programs offered by the fha and va , have an impact on the pmi industry 's total market share , as well as our share within the pmi industry from period to period . in 2016 , pmi as an industry captured a greater share of mortgage originations having insurance , but our estimated market share within the pmi industry declined to 17.8 % from 19.9 % in 2015. outlook for 2017 our outlook for 2017 should be viewed against the backdrop of the u.s. economy , competition , mortgage origination levels , and regulatory and legislative developments . each of these interrelated factors will affect our performance . our 2017 niw is expected to be comparable to our 2016 niw . our niw is affected by total mortgage originations , the percentage of total mortgage originations utilizing private mortgage insurance ( the `` pmi penetration rate `` ) and our market share within the pmi industry . as of late january 2017 , total mortgage originations are forecasted to decline in 2017 from 2016 levels due to declines in refinancing originations more than offsetting a small increase in purchase originations . we expect the pmi penetration rate to increase because historically pmi has captured a share of purchase originations that is estimated to be 3-4 times greater than that of refinancing originations . this increase in the pmi penetration rate should serve to mitigate the decline in total mortgage originations . although we can not predict our 2017 market share , recent industry consolidation may have a positive influence if lenders re-allocate the combined share of the consolidating companies among the remaining companies in the industry . although our expectation is for our 2017 niw to be comparable to that of 2016 , this will be highly dependent on the actual mortgage origination market and competition . if pricing competition intensifies and customers can obtain lower prices elsewhere , our niw may be lower than we expect . our book of iif is the main driver of our revenues and earnings and its growth is driven by our ability to generate niw and retain existing policies in force , as measured by our persistency . interest rates influence both our niw and persistency . since the presidential election , mortgage rates , as reflected in the 30-year fixed rate , have risen . in a rising rate environment , we expect the level of cancellation activity to de celerate , and in turn increase persistency , although the impact generally lags the change in interest rates . story_separator_special_tag as explained under “ critical accounting policies ” below , except in the case of a premium deficiency reserve , we recognize an estimate of this expense only for delinquent loans . the level of new delinquencies has historically followed a seasonal pattern , with new delinquencies in the first part of the year lower than new delinquencies in the latter part of the year , though this pattern can be affected by the state of the economy and local housing markets . losses incurred are generally affected by : the state of the economy , including unemployment and housing values , each of which affects the likelihood that loans will become delinquent and whether loans that are delinquent cure their delinquency . changes in housing values also affect our ability to mitigate our losses through sales of properties we acquire after paying a claim as well as borrower willingness to continue to make mortgage payments when the value of the home is below the mortgage balance . mgic investment corporation 2016 form 10-k | 48 replace_table_token_15_th the product mix of the in force book , with loans having higher risk characteristics generally resulting in higher delinquencies and claims . the size of loans insured , with higher average loan amounts tending to increase losses incurred . the percentage of coverage on insured loans , with deeper average coverage tending to increase incurred losses . the rate at which we rescind policies . our estimated loss reserves reflect mitigation from rescissions of policies and denials of claims . we collectively refer to such rescissions and denials as “ rescissions ” and variations of this term . the distribution of claims over the life of a book . historically , the first few years after loans are originated are a period of relatively low claims , with claims increasing substantially for several years subsequent and then declining , although persistency , the condition of the economy , including unemployment and housing prices , and other factors can affect this pattern . for example , a weak economy or housing value declines can lead to claims from older books increasing , continuing at stable levels or experiencing a lower rate of decline . see further information under “ mortgage insurance earnings and cash flow cycle ” below . losses ceded under reinsurance agreements . see note 9 – “ reinsurance ” to our consolidated financial statements for a discussion of our reinsurance agreements . underwri ti ng and other expenses the majority of our operating expenses are fixed , with some variability due to contract underwriting volume . contract underwriting generates fee income included in “ other revenue . ” underwriting and other expenses are net of any ceding commission associated with our reinsurance agreements . see note 9 – “ reinsurance ” to our consolidated financial statements for a discussion of our reinsurance agreements . interest expense interest expense reflects the interest associated with our outstanding debt obligations discussed in note 7 – “ debt ” to our consolidated financial statements and under “ liquidity and capital resources ” below . other certain activities that we do not consider to be part of our fundamental operating activities may also impact our results of operations and are described below . net realized investment gains ( losses ) realized gains and losses are a function of the difference between the amount received on the sale of a security and the security 's cost basis , as well as any otti recognized in earnings . the amount received on the sale of fixed income securities is affected by the coupon rate of the security compared to the yield of comparable securities at the time of sale . loss on debt extinguishment at times , we may undertake activities to improve our debt profile and or reduce potential dilution from our outstanding convertible debt . extinguishing our outstanding debt obligations early through these discretionary activities may result in losses primarily driven by the payment of consideration in excess of our carrying value , and the write off of unamortized debt issuance costs on the extinguished portion of the long-term debt . refer to “ explanation and reconciliation of our use of non-gaap financial measures ” below to understand how these items impact our evaluation of our fundamental financial performance . mortgage insurance earnings and cash flow cycle in general , the majority of any underwriting profit that a book generates occurs in the early years of the book , with the largest portion of any underwriting profit realized in the first year following the year the book was written . subsequent years of a book generally result in either underwriting profit or underwriting losses . this pattern of results typically occurs because relatively few of the claims that a book will ultimately experience typically occur in the first few years of the book , when premium revenue is highest , while subsequent years are affected by declining premium revenues , as the number of insured loans decreases ( primarily due to loan prepayments ) and increasing losses . the typical pattern is also a function of premium rates generally resetting to lower levels after ten years . 49 | mgic investment corporation 2016 form 10-k explanation and reconciliation of our use of non-gaap financial measures non-gaap financial measures we believe that use of the non-gaap measures of pretax operating income ( loss ) , net operating income ( loss ) and net operating income ( loss ) per diluted share facilitate the evaluation of the company 's core financial performance thereby providing relevant information . these measures are not recognized in accordance with accounting principles generally accepted in the united states of america ( gaap ) and should not be viewed as alternatives to gaap measures of performance . the measures described below have been established to increase transparency for the purpose of evaluating our fundamental operating trends . pretax operating income ( loss )

