Strong Quarter at Mortgage Insurer Radian

July 28--New quarterly business surged ahead, the book of business was bigger and defaults declined at mortgage insurer Radian Group Inc.

In the three months ended June 30, the Philadelphia-based firm generated $157 million in pre-tax income from continuing operations.

While that was better than the $102 million earned three months earlier, it fell far short of the $250 million earned one year previous.

The source of the earnings data was Radian's second-quarter 2016 earnings announcement.

The mortgage insurance company wrote $12.921 billion in primary new insurance during the most-recent three-month period.

New business soared from $8.071 billion in first-quarter insurance written and was also greater than the second-quarter 2016's $11.751 billion..

Refinance share was trimmed to 18 percent from 19 percent in the first-three months of this year.

As of June 30, 2016, primary insurance in force amounted to 885,406 loans for $177.672 billion.

Radian built on its book from 878,907 mortgages for $175.386 billion as of the end of March and 872,870 loans for $172.692 billion as of the same point last year.

The primary default rate finished last month at 3.37 percent.

That was a 14-basis-point decline over the prior quarter and a 95-basis-point improvement over the year-earlier quarter.

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