Radian Guaranty Inc., Philadelphia has cut its inventory of delinquent loans by nearly 3,400 over the first two months of the fourth quarter, although new defaults outpaced cures by over 3,000.
The company's delinquent loan inventory at the start of October was 130,049. The 9,397 new delinquencies were countered by 7,795 loans cured, 2,586 loans paid (including those charged to a deductible or a captive reinsurance agreement) and 816 rescissions and denials.
This brought the total to 128,249 for the start of November. There were 8,883 new delinquent loans added to the portfolio. Taken out were 7,458 cures, 2,281 paids and 727 loans in rescission or denial. As of Nov. 30, Radian's delinquent inventory was 126,666.
In each of the two months, the company had $1.2 billion (a total of $2.4 billion) of primary new insurance written, which is similar to what the company wrote for the entire fourth quarter last year. In addition, Radian's to date volume for the fourth quarter this year puts it close to MGIC's $2.7 billion for the same time frame.
