Radian Group [RDN] announced its net income halved from the same period last year.
However, the company remains positive about its growth opportunities in the mortgage insurance business.
Net income for the quarter ended Sept. 30, 2015, was $70.1 million, or $0.29 per diluted share. This compares to net income for the quarter ended Sept. 30, 2014, of $153.6 million, or $0.67 per diluted share.
While the company missed on expectations on earnings per share, the company beat on revenue.
“We were successful in growing our mortgage insurance in force with high-quality business and in further expanding the scope of services we offer through our fee-based businesses,” said Radian’s Chief Executive Officer S.A. Ibrahim. “We are excited about the growth and opportunities ahead for our mortgage insurance and mortgage and real estate services segments, as we continue to enhance and seek new opportunities for our existing products and services.”
Mortgage insurance at the company remains steady. New mortgage insurance written was $11.2 billion for the quarter, compared to $11.8 billion in the second quarter of 2015 and $11.2 billion in the prior-year quarter.
Total primary mortgage insurance in force as of Sept. 30, 2015, was $174.9 billion, compared to $172.7 billion as of June 30, 2015, and $169.2 billion as of Sept. 30, 2014.
The mortgage insurance provision for losses was $64.1 million in the third quarter of 2015, compared to $31.6 million in the second quarter of 2015, and $48.9 million in the prior-year period.
Radian continues to expand its business operations.
Radian also completed the acquisition of Clayton Holdings, a residential loan due diligence firm. Clayton subsidiary, Green River Capital, offers Real Estate Owned asset management and single-family rental services.
In October, Clayton announced that it had acquired ValuAmerica, Inc., a national title agency and appraisal management company.
