Mortgage insurance revenue remains strong in Q3 despite business contraction

Radian Group reports third quarter net income of $198.3 million, down from $201.2 million in the second quarter but well ahead of $126.4 million in the third quarter of 2021 .

But before the earnings call, Radian laid off 166 workers in Pennsylvania.

“Our primary mortgage insurance portfolio, a key driver of our future earnings, grew more than 7% year-over-year to $259 billion, with credit performance continuing to be strong,” said Rick Thornberry, CEO of Earnings. stated in the release. “We are managing our expense structure and strategically managing our capital in line with today’s business environment.”

NIW was $17.6 billion in the third quarter of 2021 compared to $18.9 billion in the second quarter and $26.6 billion in the third quarter. Radian finished the quarter where he was ranked No. 2 in the NIW, whereas three months ago he was No. 4.

However, homegenius, the company’s real estate services arm, reported a pre-tax operating loss of $25.5 million in the third quarter. This compares to a loss of $5.6 million a year ago. George said Radian withdrew its future earnings outlook for the segment because of the uncertainty over interest rates.

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