Radian Group Inc. reported net income from continuing operations of $66.2 million, down from $91.7 million for the first quarter of 2015, as its mortgage services segment lost money during the period.
The Clayton Holdings mortgage services business, acquired in June 2014, lost $3.7 million in the first quarter on a pretax basis, compared with income of $3.4 million for the first quarter of 2015. Radian Group fired
The company's main subsidiary, private mortgage insurance underwriter Radian Guaranty, had adjusted pretax operating income of $140 million for the quarter, up from $126 million the prior year.
Radian Guaranty had $8.1 billion of new insurance written for the first quarter, down from $9.4 billion one year ago.
Claims paid on foreclosed mortgages fell to $128 million in the first quarter from $207.1 million in 2015's first quarter.
