Delinquencies of loans carrying mortgage insurance from Radian Group Inc. fell in November, the latest sign that loan woes have passed their peak.
Companies such as Radian insure mortgages, typically when a borrower puts less than 20% down. The industry has been battered in recent years as delinquencies and foreclosures spiked.
In November Radian reported a third-quarter profit on a $230 million derivatives gain; it set aside less to cover loan losses.
There were 8,883 new delinquencies last month in Radian's portfolio, down from 9,397 in October. The number of delinquent loans dipped 1.2%, to 126,666, though fewer loans were cured in November than in October.
Meanwhile, new insurance written was unchanged at $1.2 billion.