As annual business ascended to an all-time high at Radian Group Inc., its book of business surpassed $200 billion. But quarterly business slowed, and defaults rose.
During the three months ended Dec. 31, pre-tax income at the Philadelphia-based firm was $165 million, according to its fourth-quarter 2017 earnings report.
Income soared from $98 million during the final-three months of 2016. Earnings also improved from $103 million in the preceding three-month period.
Radian noted that its after-tax income included an incremental tax provision of $103 million that represented the estimated impact of the Tax Cuts and Jobs Act.
Radian reported $14.383 billion in primary insurance written, Business slowed from $15.125 billion in the third quarter but was up from $13.882 billion in the fourth-quarter 2016.
During all 12 months of 2017, insurance written amounted to
$53.905 billion — an all-time high for the mortgage insurance company. In 2016, a total of $50.530 billion in primary insurance was written — a record at the time.
Refinance share was 12 percent during the most-recent three months, widening from the third quarter’s 9 percent.
Last year concluded with $200.724 billion primary insurance in force, more than $196.541 billion as of Sept. 30 and $183.450 billion as of year-end 2016.
Based
the 955,726 insured loans at the conclusion of 2017, the default rate was 2.92 percent. Delinquency worsened from 2.53 percent three months earlier but has receded from 3.22 percent one year earlier.
