Radian Group Inc. - RDN STOCK NEWS

The Radian Home Price Index (HPI) indicates a notable rise in U.S. home prices, with a monthly increase of 9.8% annualized from October to November 2020. The median home price reached $266,754, reflecting a year-to-date increase of over $16,400. Despite seasonal slowdowns, demand remains strong, evidenced by record low inventory levels and a 9.4% rise in prices over the last six months. However, the impending expiration of federal eviction moratoriums could temper future price appreciation.

Radian Group (NYSE:RDN) announced that Senior VP Suzanne Powell has been recognized as one of HousingWire's 2020 Tech Trendsetters for her leadership in technology innovations enhancing the housing economy. She has spearheaded the development of Robotic Process Automation tools, streamlining operations and improving employee efficiency. Radian continues to focus on technology-driven products like RADAR Rates and Radian Ready, aiming to transform mortgage and real estate services. CEO Rick Thornberry praised Powell's efforts in integrating data and analytics into Radian's offerings.

Radian Guaranty Inc. released its monthly operating statistics for November 2020, indicating a total of 4,807 new primary defaults, compared to 5,086 in October 2020. The beginning primary default inventory decreased to 59,604 loans from 62,737. Total cures increased with (7,183) compared to (8,140) in the previous month. Claims paid dropped to (54) from (78). The ending primary default inventory stands at 57,176 loans as of November 2020.

Radian Settlement Services, a subsidiary of Radian Group (NYSE:RDN), has launched Radian Ready, a new digitally-enhanced title review process. This initiative aims to streamline title searches, reports, and workflows, significantly reducing the clear to close timeframe. Radian Ready categorizes title documents into three grades: Radian Ready (instant approval), Radian Rapid (expected resolution in 1-5 days), and Radian Traditional (5+ days). This innovation promises a clearer understanding for lenders and borrowers, ultimately facilitating quicker closings.

Radian Group Inc. (NYSE: RDN) reported continued growth in U.S. home prices, rising 7.5% year-over-year as per the Radian Home Price Index. The median estimated home price reached $264,585, marking an increase of over $16,667 since the start of 2020. October saw the highest sales volume for any October on record, with closed home sales 49% higher than the historical average. Despite expected slowdowns due to seasonal patterns and COVID-19, housing demand remains strong, with record sales likely to surpass 2019 totals.

Radian Group Inc. (NYSE: RDN) announced a quarterly dividend of $0.125 per share, set to be paid on December 4, 2020, to shareholders on record as of November 23, 2020. This decision reflects the company's ongoing commitment to returning value to its shareholders.

Radian provides mortgage insurance and related real estate services, aiming to support sustainable homeownership through data-driven technology and innovative solutions.

Radian Group reported a net income of $135.1 million ($0.70 per diluted share) for Q3 2020, down from $173.4 million ($0.83 per share) in Q3 2019. This quarter marked a recovery from a $30 million loss in Q2 2020. Adjusted pretax operating income decreased to $145 million from $212.7 million year-over-year. Despite challenges from the pandemic, Radian wrote $33.3 billion in new mortgage insurance, a 51% increase compared to the same quarter last year, and the book value per share increased 11% to $21.52.

Radian Group Inc. (NYSE: RDN) announced a donation of $166,140 to the Opens Doors Foundation through its Everyday Heroes Campaign, exceeding its $25,000 goal with over $56,000 raised from participants. Radian's commitment to match donations resulted in a two-to-one match due to strong donor response. The funds will provide mortgage and rental assistance to families with critically ill children, helping them maintain housing during treatment. Radian has been a long-time supporter of the Foundation, emphasizing its dedication to homeownership and community support.

Radian Group Inc. (NYSE: RDN) is shutting down its traditional appraisal services to focus on digital solutions in the mortgage and real estate sector. The decision aligns with rising market demand for technology-driven services. Radian plans to assist current customers during the transition period. The company continues to invest in its digital valuation services, leveraging AI and machine learning to enhance its offerings. CEO Rick Thornberry emphasized a commitment to evolving customer needs and high-growth products in the valuation portfolio.