Radian Guaranty Inc. reported that quarterly business declined from the previous period. But insurance in force moved higher, and delinquency moved lower.
The
mortgage insurance company wrote $9.385 billion in primary new insurance during the first three months of 2015, according to first-quarter earnings data.
Business dropped from the final three months of 2014, when $10.0 billion in new policies were written.
But new insurance written soared compared to the first quarter of last year, a period when volume totaled $6.808 billion.
Radian, which stopped reporting monthly operating statistics this year, said its primary insurance in force ended March at 874,225 loans for $172.141 billion.
The book of business inched up from 873,077 loans for $171.8 billion as of Dec. 31, 2014, and grew from 839,802 loans for $162.368 billion as of March 31, 2014.
Delinquency at the Philadelphia-based firm finished the most-recent period at 4.63 percent.
The past-due rate tumbled from 5.19 percent three months earlier and 6.33 percent twelve months earlier.
Radian reported a pre-tax first-quarter profit from continuing operations of $137 million — nearly doubling from the $71 million earned in the fourth-quarter 2014.
Year-earlier quarterly earnings were $127 million.
“We delivered strong results for Radian in the first quarter, driven primarily by outstanding credit trends in our mortgage insurance business,” Radian Chief Executive Officer S.A. Ibrahim stated in the report. “The last twelve months have been a turning point for Radian, as we’ve eliminated a significant portion of our legacy risk and therefore simplified our company with a focus on our core strengths.”
