Radian Releases Monthly Operating Statistics for September 2021
October 06 2021 - 6:30AM
Business Wire
Based on improving conditions, announces plan
to revert to quarterly versus monthly reporting
Radian Guaranty Inc., the mortgage insurance subsidiary of
Radian Group Inc., today released monthly operating statistics
related to the credit performance of its insured portfolio for the
month of September 2021. The information includes total new primary
defaults, which include defaults under forbearance programs in
response to the COVID-19 pandemic, as well as cures, claims paid
and rescissions/denials. The information regarding new defaults and
cures is reported to Radian Guaranty from loan servicers. The
company considers a loan to be in default for financial statement
and internal tracking purposes upon receipt of notification by
servicers that a borrower has missed two monthly payments. Default
reporting, particularly on a monthly basis, may be affected by
several factors, including the date on which the loan servicer’s
report is generated and transmitted to Radian Guaranty, the impact
of updated information submitted by servicers and the timing of
servicing transfers.
The company initiated monthly reporting of selected operating
statistics following the onset of the COVID-19 pandemic and the
resulting unprecedented economic and market conditions. Given the
improvement in these conditions, the company will be discontinuing
its monthly reporting and reverting to its customary practice of
reporting selected metrics with its quarterly earnings
releases.
September
2021
August
2021
July
2021
Beginning Primary Default Inventory (#
of loans)
36,004
38,347
40,464
New Defaults
2,791
2,592
2,749
Cures
(4,963)
(4,784)
(4,728)
Claims Paid
(29)
(151)
(141)
Rescissions and Claim Denials, net (1)
(8)
-
3
Ending Primary Default
Inventory
33,795
36,004
38,347
(1) Net of any previous rescissions and
claim denials that were reinstated during the period. Such
reinstated rescissions and claim denials may ultimately result in a
paid claim.
About Radian Radian Group Inc. (NYSE: RDN) is ensuring
the American dream of homeownership responsibly and sustainably
through products and services that include industry-leading
mortgage insurance and a comprehensive suite of mortgage, risk,
title, valuation, asset management and other real estate services.
We are powered by technology, informed by data and driven to
deliver new and better ways to transact and manage risk. Visit
www.radian.com to learn more about how Radian is shaping the future
of mortgage and real estate services.
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version on businesswire.com: https://www.businesswire.com/news/home/20211006005219/en/
For Investors John Damian – Phone: 215.231.1383 Email:
john.damian@radian.com For the Media Rashi Iyer – Phone:
215.231.1167 Email: rashi.iyer@radian.com
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