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06/10/2011
Radian Releases Delinquency Data for May
- Company cites recent improvement in reserve impact from delinquency composition -
PHILADELPHIA, Jun 10, 2011 (BUSINESS WIRE) --
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released data for primary mortgage insurance delinquencies for May 2011. These details may also be found on Radian's website at http://www.radian.biz/page?name=NewsReleases.
The information below regarding new delinquencies and cures is reported to Radian from loan servicers. The accuracy of these reports may be affected by several factors, including the date on which the report is generated and by the timing of servicing transfers.
| April 2011 | May 2011 | |||
| Primary New Insurance Written ($ in billions) | $0.7 | $0.7 | ||
| Beginning Primary Delinquent Inventory (# of loans) |
116,896 |
115,020 |
||
| Plus: New Delinquencies | 7,222 | 7,844 | ||
| Less: Cures | (5,978) | (5,217) | ||
|
Less: Paids
(including those charged to a deductible or captive) |
(2,528) |
(2,613) |
||
| Less: Rescissions and Denials | (592) | (841) | ||
| Ending Primary Delinquent Inventory (# of loans) |
115,020 |
114,193 |
||
For the months of April and May, the company noted a relative improvement in the impact on reserve development and loss provision as a result of the change in the composition of the delinquent loan inventory. This compares to previous quarters, when Radian's reserves were significantly and negatively impacted by a change in the composition of the delinquent loan inventory, resulting from the higher reserve associated with the aging of delinquent loans and loans moving into pending claim status.
You may find additional details on the company's provision for losses in the first quarter of 2011 on page 12 of Radian's quarterly presentation slides at http://www.radian.biz/page?name=QuarterlyResults.
About Radian
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.com.
Forward-Looking Statements
Some of the statements in this press release may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations, estimates and projections. Words such as "will," "expects," "believes" and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events or our future financial performance that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecast in these forward-looking statements. As a result, these statements speak only as of the date they were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should review the "Risk Factors" detailed in Item 1A of Part II of the company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, and subsequent reports and registration statements filed from time to time with the Securities and Exchange Commission.
SOURCE: Radian Group Inc.
Radian Group Inc.
Emily Riley,215-231-1035
emily.riley@radian.com