New business improved at Genworth Mortgage Insurance Corp., as did delinquency. But the same couldn’t be said for earnings.
Net insurance written was $7.5 billion during the third quarter, parent-Genworth Financial Inc. reported.
Business improved from $6.1 billion written in the second quarter and from $6.4 billion written in the year-earlier period.
For the nine months ended Sept. 30, $17.5 billion was written.
Refinances closed through the Home Affordable Refinance Program accounted for $0.3 billion of third-quarter volume. Since the program was launched, HARP volume at Genworth amounted to $19.0 billion.
Genworth reported a market share of around 15 percent, up one point from the previous period.
Primary insurance in force finished the third quarter at $112.400 billion, expanding from $110.5 billion as of mid-year 2014. At the same point last year, $109.000 billion was in force.
Delinquency was cut to 6.59 percent from 6.87 percent three months earlier and 8.72 percent a year earlier.
Mortgage insurance income before taxes was a $12 million loss, swinging from a $58 million second-quarter profit and worsening from a $4 million loss in the year-earlier period.
At the parent-company level, income was a $972 million loss, swinging from a $313 million profit in the previous period and a $251 million profit in the year-earlier period.
