Earnings at Radian Group swung to a profit the third quarter, boosted by mortgage services revenue and a lower credit-loss provision.
The Philadelphia-based mortgage insurer earned $153.6 million, compared to a $12.7 million loss a year ago. Earnings were 67 cents per share.
Total revenue climbed 26%, to $309.3 million. The rise is mainly attributable to $42 million in revenue from
Income from insurance premiums climbed 7% from last year, to $227.2 million.
Radian slashed its set-aside for credit losses by 73%, to $42 million. Total expenses were $156 million, or 39% lower than last year.
Additionally, Radian said that Paul Bossidy, president of Clayton Holdings, plans to resign on Oct. 31. He will be succeeded by Joseph D'Urso, who currently serves as chief operating officer at Clayton.
