As Genworth Mortgage Insurance Corp.’s book of business expanded, its delinquency declined, and its new business had a quarter-over-quarter gain.
In its second-quarter earnings report, parent Genworth Financial Inc. said
it earned $401 million from continuing operations before income taxes.
Income ascended from the preceding three-month period, when it was $332 million. It was also improved from $351 million the same period a year ago.
Within just the U.S. mortgage insurance segment, earnings increased to $142 million from $114 million in the first quarter and $95 million in the second-quarter 2016.
New insurance written was $9.8 billion in the second-quarter 2017, more than the $7.6 billion written in the prior three-month period. But business wasn’t as good as a year prior, when the total came to $11.4 billion.
Full first-half 2017 volume had a sum of $17.4 billion.
Eight percent of the latest quarter’s business was refinance, sinking from 17 percent the previous period.
Genworth finished the first-half 2017 with primary insurance in force on 714,254 loans for $143.0 billion. The book of business expanded from 703,214 loans for $139.3 billion as of March 31, 2017, and 655,300 loans for $128.4 billion as of mid-2016.
Delinquency was cut to 2.89 percent from 3.27 percent and stood at 3.86 percent at the same point last year.
