Mortgage insurer Radian posted a net loss of $187.5 million, or $1.30 a share, for the first quarter, compared to a net loss of $169.2 million, or $1.28 a share, for the first quarter of 2012, the company said.
Radian (RDN) wrote $10.9 billion in new mortgage insurance, dropping slightly from $11.7 billion the previous quarter. However, the company nearly doubled its new mortgage business year-over-year in April, writing $4.1 billion in insurance last month, up from $2.5 billion in April 2012.
“Building on our momentum with a strong risk-to-capital ratio, financial flexibility at the holding company, and the number one mortgage insurance market share position in the fourth quarter of last year, we kicked off 2013 with a 69% jump in new mortgage insurance business written year-over-year,” said Radian CEO S.A. Ibrahim.
Ibrahim continued, “As our strong new business volume continues, our delinquency inventory decreases and the mix of profitable new business begins to outweigh our legacy mortgage insurance book, we are positioning Radian for a return to operating profitability.”
Meanwhile, the company reported a 9% drop in delinquent loans from the prior quarter, and the delinquency rate for primary loans fell 17% from the first quarter of 2012.
