The quarterly amount of new insurance written was down at Radian Guaranty Inc., as was its book of business. But delinquency improved.
During the first-three months of this year, the Philadelphia-based organization wrote $8.071 billion in primary new mortgage insurance.
Those details, and other operational and financial results, were included in parent
Radian Group Inc.’s first-quarter 2016 earnings report.
Business slowed from the final three months of last year, when $9.099 billion was written.
Activity also descended from $9.385 billion in the first-three months of last year.
Nineteen percent of the most-recent business was refinance, up from 17 percent in the fourth quarter.
Primary
insurance in force finished last month at $175.386 billion.
Radian’s book of business declined from $175.584 billion as of year-end 2015 but was up from $172.141 billion as of March 31, 2015.
There were
878,907 mortgages insured by Radian as of March 31, 2016.
The count was down from 881,110 at the end of the fourth-quarter 2015 and 874,225 at the end of the first-quarter 2015.
The rate of loans in default was reduced to 3.51 percent from 4.01 percent at the end of last year and 4.63 percent at the same point last year.
Pre-tax earnings from continuing operations at the parent company was $102 million,
sliding from $105 million in the fourth-quarter 2015 and $137 million in the first-quarter 2015.
