Radian Sees Continued Growth in New Insurance Written

Radian Guaranty Inc. reports it did $4.56 billion of primary new insurance written in May, topping April’s $4.1 billion. Previously, executives at the firm said April had been the company’s best month in five years.

For May 2012, Radian had NIW of $2.73 billion. This data does not include Home Affordable Refinance Program loans, which Radian considers as a modification of coverage.

But for the first time since February, new notices of delinquency outnumbered the number of new cures reported. Still the company’s inventory of delinquent loans fell by over 2,000 because of paid claims plus rescissions and denials.

The month started with 81,577 loans in the inventory and 5,328 new notices of delinquency were added to that.

Cures took 4,340 loans out, plus Radian paid claims related to 2,387 loans. The company rescinded or denied coverage on another 834 loans.

The net effect was to reduce the inventory to 79,344 by the end of May.