Radian Releases Delinquency Data for October
PHILADELPHIA--(BUSINESS WIRE)--Nov. 7, 2012--
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group
Inc., today released data for primary mortgage insurance delinquencies
for October 2012. These details may also be found on Radian’s website at http://www.radian.biz/page?name=NewsReleases.
Previously released historical data is also available on the website at http://www.radian.biz/page?name=FinancialReportsMortgageInsurance.
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.
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October 2012
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Primary New Insurance Written ($ in billions)
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$4.01
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Beginning Primary Delinquent Inventory
(# of loans)
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94,831
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Plus: New Delinquencies
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5,666
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Less: Cures
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(5,198)
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Less: Paids
(including those charged to a deductible or captive)
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(1,450)
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Less: Rescissions and Denials
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81
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Ending Primary Delinquent Inventory
(# of loans)
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93,930
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* Rescissions and Denials are net of actual reinstatements for the
period. For additional details on reinstatement trends, refer to Slide
21 of Radian’s Third Quarter 2012 Presentation Slides available in the
Investors section of Radian’s website at www.radian.com.
Mortgage Insurance Segment Cash Position
As of September 30, 2012, Radian’s mortgage insurance segment had cash
and investments of $3.2 billion, as reported last week in the company’s
press release announcing its third quarter financial results. Recently,
a publication incorrectly cited various financial measures for Radian,
including a misstatement that its mortgage insurance segment had a cash
position of $2.1 billion.
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 refer to the Risk Factors detailed in Item 1A of Part I of our
Annual Report on Form 10-K for the year ended December 31, 2011, Item 1A
of Part II of our Quarterly Reports on Form 10-Q filed in 2012, 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
