Radian Releases Monthly Operating Statistics for September 2021

Rhea-AI Summary

Radian Group Inc. has announced a shift back to quarterly reporting of its operating statistics, marking an end to its monthly updates initiated during the COVID-19 pandemic. This decision reflects improving market conditions. The press release includes key metrics for September 2021, reporting a decrease in the beginning primary default inventory to 36,004 from 38,347 in August. New primary defaults increased to 2,791 compared to 2,592 in the previous month, while cures rose notably, reflecting positive adjustments in loan performance.

Positive

• Decrease in beginning primary default inventory from 38,347 to 36,004 loans.
• Increase in loan cures, down to (4,963) from (4,784) in August.

Negative

• New defaults increased to 2,791 from 2,592, indicating a rising trend in defaults.
• Claims paid increased slightly, from (151) in August to (29) in September.

Based on improving conditions, announces plan to revert to quarterly versus monthly reporting

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 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.

View source 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

Source: Radian Guaranty Inc.

FAQ

What are Radian Group's latest primary default statistics for September 2021?

In September 2021, Radian Group reported a beginning primary default inventory of 36,004 loans and new defaults of 2,791.

How has Radian's reporting frequency changed recently?

Radian Group has reverted to quarterly reporting from monthly reporting due to improving market conditions.

What was the ending primary default inventory for Radian in September 2021?

The ending primary default inventory for Radian in September 2021 was 33,795 loans.

Did Radian Group experience an increase or decrease in defaults in September 2021?

Radian Group experienced an increase in new defaults, rising to 2,791 from 2,592 in August 2021.