Magazine article Mortgage Banking

Radian's New MI Written Up 60 Percent from 1Q16

Magazine article Mortgage Banking

Radian's New MI Written Up 60 Percent from 1Q16

Article excerpt

Philadelphia-based Radian Group SS Inc. reported its second-quarter financial results on July 28, and the mortgage insurer saw its new mortgage insurance written (NIW) jump by 60 percent over this year's first quarter.

The company's net income from continuing operations in the quarter ending June 30, 2016, was up by 117 percent from last year's second quarter.

New mortgage insurance written in the second quarter was up by 10 percent from the same quarter one year ago. The dollar amount of new insurance written was $12.9 billion in the second quarter, compared with $8.1 billion in the first quarter.

Refinances accounted for 18 percent of total NIW in the second quarter. That compares with 19 percent in the first quarter of this year and 23 percent in the second quarter of 2015.

The total primary mortgage insurance in force as of the end of this year's second quarter grew to $177.7 billion, according to Radian. That compares with $172.7 billion in the second quarter of 2015.

The credit quality of the total insured book continues to improve, the company said. …

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