Radian Releases Delinquency Data for October
November 07 2012 - 8:00AM
Business Wire
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.
October 2012
Primary New Insurance Written ($ in billions) $4.01
Beginning Primary Delinquent Inventory
(# of loans)
94,831
Plus: New Delinquencies 5,666 Less: Cures
(5,198) Less: Paids
(including those charged to a deductible
or captive)
(1,450)
Less: Rescissions and Denials 81
Ending
Primary Delinquent Inventory
(# of loans)
93,930
* 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.biz.
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.biz.
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.
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