Despite retreating new business at Radian Group Inc., earnings improved, the book of business expanded and loan performance was better.
Pretax income at the Philadelphia-based company during the period that started on Jan. 1 of this year and concluded on March 31 came to $115 million.
Income improved from the first quarter of last year, when $102 million was earned. It was also better than $98 million in the final quarter of last year.
The results were included in Radian’s first-quarter 2017 earnings report.
During the first-three months of this year, $10.055 billion in new insurance was written.
Business slowed from $13.882 billion in the fourth-quarter 2016 but accelerated from $8.071 billion in the first-quarter 2016.
Refinance share was slashed to 16 percent from 27 percent in the fourth quarter.
At the end of last month there was mortgage insurance in force on 909,716 loans for
$185.859 billion. The book of business increased from 902,878 loans for $183.450 billion at the end of last year and 878,907 loans for $175.386 billion at the same point last year.
Radian’s default rate was reduced to 2.84 percent from 3.22 percent. As of March 31, 2016, the rate was even worse at 3.51 percent.
