Radian Group Inc. reported fewer defaults as of last month. But at the pace that its book of business is running off — the rate of delinquency was likely 5 basis points higher.
The Philadelphia-based company reported Friday that its ending primary delinquent inventory was 110,358 as of Nov. 30.
The number of past-due policies slipped from 110,614 in October and retreated from 126,666 in November 2010.
But the 700-employee firm said in its third-quarter earnings report that it had 110,740 delinquent loans with a delinquency rate of 15.20 percent. That put the mortgage insurer’s policies in force at around 728,553.
At the rate Radian has been reducing its policy count since the beginning of this year, November’s outstanding is estimated by Mortgage Daily at around 721,000 — leaving the delinquency rate at just over 15.31 percent at the end of last month.
The latest number was worse than October’s delinquency rate, which is estimated at 15.26 percent.
Using similar calculations for a year earlier, the rate of late payments has improved from an estimated 16.51 percent in November 2010.
Radian reported primary mortgage insurance in force of $124.6 billion as of Sept. 30.
Primary new insurance written in November was $2.18 billion, better than October’s $2.07 billion and November of last year’s $1.2 billion.
Radian disclosed late last month that Radian Guaranty Inc. is seeking capital ratio waivers in 12 states and alternatives to continue writing new business in states where it can’t obtain waivers.
