Radian Takes More Than 1,600 Delinquencies Off Its Books in December
Radian Guaranty was able to remove more loans from its delinquent loan inventory in December than Mortgage Guaranty Insurance Corp., but both had more new notices than cures.
Philadelphia-based Radian started December with 62,556 loans in the portfolio. It added in 4,650 new notices of delinquency plus put back in another 109 loans it previously had rescinded or denied coverage on.
There were 4,104 cures and 2,084 paid claims during the month. As of Dec. 31, the inventory is 60,909 loans, a reduction of 1,647.
Last December, Radianís inventory grew by 399 loans.
MGIC only had a 1,309 loan reduction. Its delinquency inventory started at 104,637, with 8,980 new notices.
In November, MGIC had more cures than new notices.
Cures took out 7,259, while it paid 2,445 claims, rescinded or denied coverage on 158 loans and removed an additional 427 loans from the inventory because of the settlement with Bank of America/Countrywide. There are now 103,328 loans in the inventory.
During December Radian had $2.9 billion of primary new insurance written, while MGIC did $2.1 billion. This compares with $3 billion for Radian and $2.2 billion for MGIC in November. In December 2012, Radianís volume was $3.9 billion and MGIC was $2.2 billion.