Radian Guaranty Inc. did $3.1 billion of new insurance written in June, and a total of $8.4 billion for the entire second quarter.
This is the best month in terms of NIW for Radian since July 2008. It is a sign of the success of recent efforts to build sales at Radian, which includes targeting the credit union and community banking communities.
Radian is also benefiting from the changing competitive environment in private mortgage insurance as two of its competitors went into run-off in the third quarter last year.
The company noted that two-thirds of the second-quarter NIW was monthly premium product, with the rest single premium. Back in the fourth quarter of last year policies written with monthly premiums made up 57% of the volume, with 43% single premium.
Meanwhile, Radian's delinquent loan inventory declined by 1,250 loans between May and June. At the end of May, the inventory had 99,694 loans and 6,288 new loans were added in June.
However, Radian reported 4,373 cures plus another 1,697 loans were claims that were paid and 1,462 loans were coverage that was rescinded or denied. This brings the inventory down to 98,450.
Radian Guaranty also received an ordinary dividend of $54 million from its sister company Radian Asset Assurance in July, the company said. RAA is expected to continue providing cash infusions to the mortgage insurer and should next pay a dividend in 2013.
