Despite a loss at its parent company, Genworth Mortgage Insurance Corp. experienced greater profits, increased new business and growth in its book.
Parent Genworth
Financial Inc. revealed in its third-quarter earnings report that it suffered a $125 million loss from continuing operations before income taxes.
Earnings swung from a $351 million profit during the previous three-month period. However, losses subsided from $351 million in the same quarter last year.
But within just the Richmond, Virginia-based
company’s U.S. mortgage insurance segment, income climbed to $102 million from $95 million in the second quarter and $57 million in the third-quarter 2015.
New U.S. mortgage insurance written during the three months ended Sept. 30, 2016, came to $12.800 billion. Business improved from $11.400 billion three months earlier and $9.300 billion one year earlier.
During all three quarters so far this year, new insurance written amounted to $31.600 billion.
Third-quarter 2016 refinance share was 18 percent, the same as in the prior period.
Genworth concluded September 2016 with $133.700 billion primary U.S. insurance in force.
The total was $128.400 billion as of mid-2016 and $120.400 billion as of the same date last year.
The number of primary loans in force climbed to 686,789 as of the most-recent date from 668,951 at the close of the second quarter. At the end of the third-quarter 2015, there were 647,126 primary loans in force.
Delinquency closed out the third-quarter 2016 at 3.76 percent. The past-due rate was reduced by 10 basis points from the prior quarter and plunged by 134 BPS from a year prior.
