Radian Releases Monthly Operating Statistics for March 2021

Rhea-AI Summary

Radian Guaranty Inc. reported March 2021 operating statistics for its insured mortgage portfolio, revealing a total of 3,314 new primary defaults and a decrease in beginning primary default inventory to 52,882 loans. The ending primary default inventory dropped to 50,106 loans. In March, cures reached (6,043), indicating successful resolution of previously defaulted loans. Claims paid amounted to (45). The statistics reflect the impact of ongoing forbearance programs due to the COVID-19 pandemic.

Positive

• Beginning primary default inventory decreased from 54,488 in February to 52,882 in March.
• Ending primary default inventory fell to 50,106, showing a reduction in defaults.

Negative

• New defaults increased from 3,873 in February to 3,314 in March.
• Cures remained negative at (6,043), indicating ongoing challenges in resolving defaults.

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 March 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.

		March 2021		February 2021		January 2021
Beginning Primary Default Inventory (# of loans)		52,882		54,488		55,537
New Defaults		3,314		3,873		4,664
Cures		(6,043)		(5,420)		(5,674)
Claims Paid (1)		(45)		(57)		(41)
Rescissions and Claim Denials, net (2)		(2)		(2)		2
Ending Primary Default Inventory		50,106		52,882		54,488

(1)		Includes those charged to a deductible under pool insurance arrangements, as well as commutations.
(2)		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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FAQ

What were the new primary defaults reported by RDN in March 2021?

Radian reported 3,314 new primary defaults for March 2021.

How did the beginning primary default inventory change from February to March 2021 for RDN?

Beginning primary default inventory decreased from 54,488 in February to 52,882 in March 2021.

What was the ending primary default inventory for RDN in March 2021?

The ending primary default inventory for March 2021 was 50,106 loans.

What were the claims paid by RDN in March 2021?

Claims paid by Radian in March 2021 amounted to (45).

How many cures were recorded by RDN in March 2021?

Radian recorded (6,043) cures in March 2021.