Radian Releases Monthly Operating Statistics for September 2020
Radian Guaranty Inc. has reported its September 2020 operating statistics, revealing a decrease in primary default inventory to 62,737 loans from 64,888 in August. New defaults have also declined to 5,858 from 6,173 the previous month. Cures showed improved performance at (7,935) compared to (8,670) in August. Claims paid slightly increased to (85) against (63) in August, while rescissions and claim denials remained minimal at 11. This data reflects the company's efforts in navigating the COVID-19 pandemic's impact on its portfolio.
- Decrease in beginning primary default inventory from 67,433 to 64,888 loans.
- New defaults decreased from 6,173 to 5,858 loans.
- Cures improved from (8,670) to (7,935) loans.
- Claims paid increased from (63) to (85), indicating rising financial liabilities.
PHILADELPHIA--(BUSINESS WIRE)--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 2020. 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.
|
September 2020 |
August 2020 |
July 2020 |
|
|
|
|
Beginning Primary Default Inventory (# of loans) |
64,888 |
67,433 |
69,742 |
New Defaults |
5,858 |
6,173 |
8,477 |
Cures |
(7,935) |
(8,670) |
(10,678) |
Claims Paid (1) |
(85) |
(63) |
(92) |
Rescissions and Claim Denials, net (2) |
11 |
15 |
(16) |
Ending Primary Default Inventory (# of loans) |
62,737 |
64,888 |
67,433 |
(1) |
Includes those charged to a deductible or captive reinsurance transactions, 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.
