Radian mortgage delinquencies remained unchanged in October
Mortgage insurer Radian Guaranty (RDN), a subsidiary of Radian Group, noted Thursday that the number of delinquent loans within its insurance portfolio remained mostly unchanged from the prior month. At the start of the month, Radian had 110,740 loans classified as delinquent. By months end, the number of delinquent loans edged down slightly to 110,614 mortgages. The company measured new delinquencies during the month at 7,665 loans. During the same 30-day period, Radian had 6,133 loan cures, 1,384 pay offs and 274 rescissions and denials. Overall, the insurer wrote $2.07 billion in new insurance. Teresa Bryce Bazemore, president of Radian Guaranty, said earlier this month it's difficult for the mortgage insurance business to calculate its exact growth in terms of market share. But she does believe Radian's mortgage insurance business is benefiting from PMI's decision to halt its writing of new mortgage insurance. Radian Group posted a third-quarter profit of $183.6 million, or $1.37 per share on Tuesday, while reporting significant growth in its mortgage insurance business. That compares to a 2010 third-quarter profit of $112.2 million, or 84 cents per share. Write to Kerri Panchuk.