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Strong Performance Continues at Radian

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Radian Guaranty Inc. extended its streak of monthly gains in new business and continued to drive down delinquency. The mortgage insurance company noted a shift in new business to monthly premiums.

Radian reported $3.08 billion in primary insurance written during June.

Business improved from $2.73 billion in new business a month earlier and has increased each month since March, when $2.43 billion in primary insurance was written. In addition, the volume of mortgages insured was well ahead of the approximately $0.9 billion for June 2011.

“The product mix of Radian’s new insurance written has continued to shift to an increased level of monthly premium business,” the report stated. “Of the $8.35 billion in new business written in the second quarter, 67 percent was written with monthly premiums and 33 percent with single premiums. This compares to a mix of 64 percent monthly premiums and 36 percent single premiums in the first quarter of 2012, and 57 percent monthly premiums and 43 percent single premiums in the fourth quarter of 2011.”

During the first half of 2012, total activity amounted to $15.74 billion.

Radian reported that 98,450 policies were delinquent as of last month, fewer than the 99,694 past-due insured mortgages previously reported for May. The number on delinquent policies was 111,434 a year earlier.

Using an estimate of 733,000 in total outstanding polices as of June, the delinquency rate worked out to around 13.43 percent. A month earlier, the rate was an estimated 13.61 percent.

Delinquency has not increased since December, when the rate was a revised 15.19 percent.

The Philadelphia-based company previously reported a June 2011 delinquency rate of 15.16 percent.

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