Radian Guaranty’s inventory of delinquent mortgage loans slipped under the 100,000 mark at the end of May, as nearly 1,900 loans were removed.
Meanwhile, Mortgage Guaranty Insurance Corp. had 1,725 loans leave its delinquent inventory during the month.
Radian started May with 101,566 loans in the inventory and received 5,850 new notices of delinquency during the month.
There were 4,421 loans that cured during the month, plus 1,810 in paid claims (including those charged to a captive reinsurance agreement or to a deductible) and 1,491 loans where coverage was rescinded or denied.
This brings Radian’s inventory down to 99,694.
MGIC started the month with 156,698 loans in the delinquent inventory and added 10,907 new notices of delinquency.
Cures took out 8,537 loans, with paid claims removing another 3,801 and 294 loans where the coverage was rescinded or denied.
In MGIC’s first-quarter results, it noted it has suspended rescinding coverage on 860 loans where Countrywide is the beneficiary pending the results of mediation. Furthermore, MGIC suspended rescissions on another 250 loans with other lenders, which could be included in potential legal settlements.
During May, Radian had new insurance written of $2.73 billion while MGIC did $2 billion.
