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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) April 7, 2021
 
 
Radian Group Inc.
(Exact Name of Registrant as Specified in Its Charter)

 
Delaware
 
001-11356
 
23-2691170
(State or Other Jurisdiction
of Incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

 
 
1500 Market Street,
Philadelphia, Pennsylvania, 19102
(Address of Principal Executive Offices, and Zip Code)

(215) 231-1000
(Registrant’s Telephone Number, Including Area Code)
 

(Former Name or Former Address, if Changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 

 ☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
  ☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
  ☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
  
Trading Symbol(s)
  
Name of each exchange on which registered
Common Stock, $0.001 par value per share
   RDN
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02.   Results of Operations and Financial Condition.
On April 7, 2021, Radian Guaranty Inc. (“Radian Guaranty”), the mortgage insurance subsidiary of Radian Group Inc. (the “Company”), issued a news release reporting selected operating statistics for the months of January, February and March 2021. The information includes total new primary insurance defaults, which include defaults under forbearance programs in response to the COVID-19 pandemic, as well as information regarding loans that have “cured” default status, claims paid and insurance rescissions/claim denials.
A copy of this news release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in, or furnished with, this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.   Financial Statements and Exhibits.

(d) Exhibits.
99.1*   Radian Group Inc. News Release dated April 7, 2021.
_____________________
∗
Furnished herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

  RADIAN GROUP INC.  
  (Registrant)  
     
       
Date:  April 7, 2021
By:
/s/ J. Franklin Hall  
    J. Franklin Hall  
   
Senior Executive Vice President and
    Chief Financial Officer  

 
 Exhibit 99.1


Radian Releases Monthly Operating Statistics for March 2021

PHILADELPHIA--(BUSINESS WIRE)--April 7, 2021--Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released monthly operating statistics related to the credit performance of its insured portfolio for the month of March 2021. The information includes total new primary defaults, which include defaults under forbearance programs in response to the COVID-19 pandemic, as well as cures, claims paid and rescissions/denials. The information regarding new defaults and cures is reported to Radian Guaranty from loan servicers. The company considers a loan to be in default for financial statement and internal tracking purposes upon receipt of notification by servicers that a borrower has missed two monthly payments. Default reporting, particularly on a monthly basis, may be affected by several factors, including the date on which the loan servicer’s report is generated and transmitted to Radian Guaranty, the impact of updated information submitted by servicers and the timing of servicing transfers.

 


March 2021


February 2021


January 2021

 


 


 


 

Beginning Primary Default Inventory (# of loans)


52,882


54,488


55,537

New Defaults


3,314


3,873


4,664

Cures


(6,043)


(5,420)


(5,674)

Claims Paid (1)


(45)


(57)


(41)

Rescissions and Claim Denials, net (2)


(2)


(2)


2

Ending Primary Default Inventory


50,106


52,882


54,488

(1)


Includes those charged to a deductible under pool insurance arrangements, as well as commutations.

(2)


Net of any previous rescissions and claim denials that were reinstated during the period. Such reinstated rescissions and claim denials may ultimately result in a paid claim.

About Radian

Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.

Contacts

For Investors
John Damian – Phone: 215.231.1383
Email: john.damian@radian.com

For the Media
Rashi Iyer – Phone: 215.231.1167
Email: rashi.iyer@radian.com