All kind of fun nuggets in the RDN "earnings" release:
biz.yahoo.com
First of all, the company's spin:
New primary mortgage insurance in the quarter was $9.5 billion, including $400 million of structured
mortgage insurance, compared to $12.3 billion in the third quarter of 2001. Primary mortgage insurance-in-force
was $109.4 billion at September 30, 2002, compared to $107.9 billion in December 31, 2001, and $106.8
billion a year ago. The delinquency rate on primary loans was 3.83%, compared to 3.48% at December
31, 2001, and 3.05% a year ago.
Now the actual numbers. Check out the ">95% LTV" as percentage of total new policies:
Radian Group Inc.
Mortgage Insurance Supplemental Information
For the Quarter and Nine Months Ended and as of September 30, 2002
Quarter Ended Nine Months Ended
(Thousands of dollars, except ratios) September 30 September 30
2002 2001 2002 2001
Primary new insurance written
($millions) 9,488 12,281 33,497 31,695
Primary risk written ($millions) 2,243 3,037 8,335 7,778
Pool risk written ($millions) 28 27 149 115
Direct claims paid ($thousands)
Prime 20,975 16,480 65,100 45,576
Non-Prime:
Alt A 8,117 1,417 18,733 3,586
A Minus and below 7,902 4,782 20,832 13,744
Seconds 4,248 1,732 12,797 3,129
Total 41,242 24,411 117,462 66,035
Statutory loss ratio 29.5% 29.6% 28.5% 30.9%
Statutory expense ratio 21.3% 21.3% 21.5% 20.4%
50.8% 50.9% 50.0% 51.3%
Persistency (twelve months ended
September 30) 58.8% 68.6%
Percentage of primary new insurance
written:
Monthlies 96% 96% 97% 95%
Refinances 33% 37% 36% 38%
95% LTV and above 44% 38% 40% 39%
ARMs 18% 22% 20% 18%
September 30 December 31 September 30
2002 2001 2001
Direct primary insurance in force
($millions) 109,363 107,918 106,805
Direct primary risk in force
($millions) 26,181 26,004 25,756
GSE pool risk in force ($millions) 1,220 1,222 1,218
Total pool risk in force ($millions) 1,720 1,571 1,562
Primary insurance:
Prime:
Number of insured loans 723,322 752,519 784,233
Number of loans in default 20,427 23,312 21,606
Percentage of loans in default 2.82% 3.10% 2.76%
Non-Prime:
Alt A:
Number of insured loans 86,576 59,778 48,564
Number of loans in default 4,767 2,666 1,637
Percentage of loans in default 5.51% 4.46% 3.37%
A Minus and below:
Number of insured loans 71,929 79,396 62,521
Number of loans in default 8,548 5,038 4,025
Percentage of loans in default 11.88% 6.35% 6.44%
Total Prime and Non-Prime:
Number of insured loans 881,827 891,693 895,318
Number of loans in default 33,742 31,016 27,268
Percentage of loans in default 3.83% 3.48% 3.05%
Pool insurance:
Number of insured loans 705,373 869,226 842,641
Number of loans in default 6,875 8,213 7,477
Percentage of loans in default 0.97% 0.94% 0.89%
Risk to capital ratio 11.9:1 14.1:1 14.4:1 |
