Radian Reverses 7-Month Decline

Mortgage News

Mortgage Daily Staff

                                                 April 8, 2014

After contracting for seven consecutive months, business turned higher at Radian Guaranty Inc. Delinquency continued a long-term trend of improvement.

As of February, primary new insurance written by Radian had fallen each month since July 2013, when volume was $5.29 billion.

But that changed in March for the Philadelphia-based mortgage insurance company, which reported monthly operating data on Tuesday.

Radian said it wrote $2.47 billion in primary new insurance last month. It was the best month so far this year.

Business jumped from $1.90 billion in February.

However, Radian fell well short of the $3.63 billion in business written during March 2013.

Radian generated $6.77 billion in new business during the full first quarter of 2014.

Delinquency continued to descend to levels lower than in recently available data.

Radian said 53,119 of its outstanding policies were delinquent as of March 31. That was the lowest number since at least 2009 based on the oldest available data.

The delinquent number was lower than 55,891 a month earlier and 85,109 a year earlier.

Using an estimated 846,029 policies in force at Radian, the delinquency rate fell to around 6.28 percent from an estimated 6.62 percent as of Feb. 28.

The past-due rate nose-dived from a revised 10.87 percent as of March 31, 2013.

The rate of late payments at Radian has fallen each month since December 2011, when it was 15.19 percent.

Mortgage Daily Staff

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