Although earnings and new business improved from a year ago at Radian Group Inc., both were down on a quarter-over-quarter basis. The book of business expanded.
In its first-quarter earnings report, the Philadelphia-based firm disclosed consolidated pre-tax income of $142 million during the three months ended March 31.
Earnings at Radian strengthened from the year-earlier period, when income was $115 million. But results weakened from $165 million in the final-three months of last year.
The mortgage insurance company wrote $11.664 billion in new insurance during the first-three months of 2018. Business
tumbled from $14.383 billion in the fourth-quarter 2017.
But Radian boosted its insurance written from $10.055 billion in the first-quarter 2017.
Refinance share was trimmed to 11 percent from 12 percent in the fourth-quarter 2017.
Last month ended with primary insurance in force on 966,309 loans for $204.025 billion. The total
grew from 955,726 loans for $200.724 billion at the end of 2017 and 909,716 loans for $185.859 billion at the same point last year.
Delinquency was 2.55 percent as of March 31, 2018, falling from 2.92 percent three months earlier and 2.84 percent one year earlier.
Radian said it believes ” hurricane-related delinquencies have reached their peak and, based on past experience, continues to expect that these delinquencies will not result in a material number of new paid claims.”
