Mortgage insurer Radian (RDN) posted third-quarter income of $14.3 million, or 11 cents a share, a 92% drop from year ago levels.

The steep drop in profit is attributed to changes in the fair value of derivatives and other financial instruments. Comparatively, the company posted a profit of $183.6 million, or $1.37 a share, for the same period last year. 

The drop in profit levels overshadowed the fact that Radian improved its risk-to-capital ratio from 20.6-to-1 in March to to 20.1-to-1 in the third quarter.

Those improvements were tied to investment gains. 

Radian also wrote $10.6 billion in new mortgage insurance business in just the third quarter, up from $4.1 billion a year ago.

kpanchuk@housingwire.com

Most Popular Articles

Fannie Mae, Freddie Mac watchdog prepping for "massive IPO"

The watchdog for Fannie Mae and Freddie Mac is interviewing Wall Street firms to handle a public offering that would dwarf any IPO in history, Fox says.

Dec 09, 2019 By

Latest Articles

Senate Banking Committee approves FHA’s Montgomery for No. 2 position at HUD

In addition to leading the FHA, Brian Montgomery has also served as the interim deputy secretary of HUD since January. Now, he is one step closer to being the second in command at HUD.

Dec 11, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please