RDN - Earnings call transcript Q1 2022

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John Damian

Thank you, and welcome to Radian's First Quarter 2022 Conference Call.

Our press release, which contains Radian's financial results for the quarter, was issued yesterday evening and is posted to the Investors section of our website at www.radian.com. This press release includes certain non-GAAP measures that will be discussed during today's call, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity.

In addition, specifically for our Homegenius segment, other non-GAAP measures that will be discussed today include adjusted gross profit, adjusted pretax operating income or loss before allocated corporate operating expenses and the related Homegenius profit margins. A complete description of all of our non-GAAP measures may be found in press release Exhibit F and reconciliations of these measures to the most comparable GAAP measures may be found in press release Exhibit G. the of on website. are exhibits Investors our section These Thornberry, hear Executive Financial This will Rick Officer. Radian's Chief morning, you Hall, from Chief Frank Officer; and Also the portion President on Radian the Derek of is Brummer, of Mortgage. hand for call Q&A

results to remind may estimates, I this differ made that projections to include statements. and to will cause based are subject that These comments assumptions Before we statements like risks on you which begin, forward-looking would actual and during uncertainties, call current materially. are expectations,

For of statements risks, release review regarding website. SEC. included XX-K please forward-looking risk the are earnings with Form in These the our a our and also these discussion filed on the subsequent our XXXX statements cautionary included and reports factors in available

turn over call would Now to to I like Rick. the

Rick Thornberry

and Thank This in interest Thank strong start year. morning. for for to to a you Radian. and today joining report good the you, John, us your morning, pleased I'm all

of value Our value insurance team remains strategic and our our the earnings portfolio, the and managing growing growing mortgage resources. Homegenius creation, of focused capital across business future our X our areas economic

XXth Before company. as want we that our highlight marks a XXth start, year and business publicly to our traded in XXXX I year

the impact in highlights operating or our We let $X.XX per of few Frank net Adjusted more share detail by XX.X% shortly. comprehensive accumulated the will net adjusting largely from We XX.X%, XX% or after share. the year equitable even period was many Frank value affordable, X% years development, diluted for favorable more $X.XX of details of more income reported our better-than-expected promise a which history discuss will was quarter. but income financial Frank and excited sustainable grew are discuss proud per diluted than homeownership of discuss future. position year-over-year of $XXX ensuring our book ago. the other are share. Return per We our shortly, reported equity by a was and activity. which for an reserve so cure prior of about will million the share income driven increase on from me

We also of our billion over the we first In wrote mortgage of segment, past stockholders $XXX the year. million NIW $XX.X to dividends in returned quarter.

continuing our work to purchase-driven are be And in of business to year-over-year. as across platform, mix a to value a XXXX increase and more risk-adjusted see quarter, deploy opportunities market We to in last believe We strong the utilizing marketplace. expect reach and we a Radian higher mentioned been attractive with economic analytics and terms put for environment provide volume in to of intelligence to differentiator a continues of typically I capital ability to returns. XX% purchase purchase has optimizing in capital machine competitive at our leverage our and strength artificial learning the radar the proprietary continue

of than insurance primary our $XXX March in main the more for is to company grew billion force, XX, XXXX. at nearly future driver X% Our earnings year-over-year which

than declined more single while grew XX% portfolio Our premium portfolio monthly premium year-over-year, in in force XX%. force our

mortgage our of since insurance interest low XX% is comprised nearly at XXXX Additionally, of historically business written rates. portfolio

sharp positive past portfolio. with pleased over year XX% are credit in that are increase or our year-over-year. loans default of loan cures the by among for population particularly loans as in seeing We've the [indiscernible] declined more. in forbearance trends programs, We total we defaulted in payments The a the number seen

outpaced each have new cures in third of previously, defaults noted period have quarter beginning the XXXX. we As

effectively by navigate servicers we resolution. the and to For supporting those monitoring borrowers and default, GSEs with who remain actively successful are a efforts in communicating

quarter, first volume quarter decline mortgage business specifically a refinance we rental the XX% saw the from increase the For revenue first centralized valuation fourth We strong services, quarter compared increased for activity XXXX. million, from $XX.X XXXX. were revenues Homegenius the from quarter services. Title and estate our segment, to in to our our a single-family In performance total of and real saw products our and lender our significant decline due refinance a in industry-wide business of

Despite alone other also to versus our lender a expected. we industry rapid rates and now while Although, decrease positioned year well anticipate overall projections. in industry total with the centralized mortgage in and this refinances customers. occur, our first refinance we than more original in share slowdown expected during in the And the activity participants remain customers to continue attracting decline volume, forecasts growing rise more this quarter new significant for the market current XXXX to was

our develop our real are estate purchase agents, award-winning the to lenders platform. volumes And TITLEGENIUS are leveraging homebuyers, encouraged business, are technology direct innovative by investors. we continue We we small, Title gaining traction although with and

Software-as-a-Service solutions innovative for an by GENIUSPRICE, In we Estate platform agents, customer estate the terms technology with of Bell property-intelligence our real our are products, offered our to Red specifically Real pleased technology brokerage.

GENIUSPRICE the estate real brokers These real across partnerships franchise the couple more Over estate of as have as with companies. we SaaS agents GENIUSPRICE solution to relationships than us and provide XXX,XXX well our country. to months, sponsored marketing contracts last access deliver signed with estate real market large with

XXX our an which technology digital will for this our update for Homegenius and leverages our additional chosen companies that award provide blockchain March, GENUSPRICE The highlight HousingWire. a TITLEGENIUS, XXXX Additionally, industries winner be purchase most patent-pending the on our Homegenius results details were Tech on in Frank we named recognizes technology. and Estate platform, by expectations innovative Title honored I'm Real to our proud in was business. financial to technology and

capital available capital approximately a our on At or XX, during position maintained will billion company Turning actions Radian March and our Guaranty's quarter. with under now XX, Radian At assets resulting the Group PMIERs to cushion strong billion, holding Frank of a capital billion totaled $X.X $X.X total of in March liquidity. XX%. update $X.X liquidity.

the market. real to Moving now broader mortgage estate and

demand rates rise the mortgage monitoring the home a rising inflationary and steady impact as and in We our inflation current price on rates Despite by largely first-time housing homes for interest use supply housing MI. for available are tiers interest likely demand appreciation, strong This for private is businesses. of and who continues. as to well fueled markets the home are pressure, sale from closely constrained and the most

of demand and our in increase an In over year-over-year. the housing price market, X first overall the the annualized led prices data across index, country. purchase market XX% Radian continued the we in to originations XXXX, the months in limited housing supply strong relatively quarter latest terms Based home increasing positive of the with momentum continuing from saw home XX% first own on

housing rate this The rates price in dynamics higher low we market is believe drive expected of year, expect the increase existing low strong appreciation demand We the home of housing on of XXXX. portfolio. force and and to our positive combination strong unemployment, the in terms insurance in to national market in supply will large moderate support and and and in mortgage in our to persistency portfolio contribute high-quality growth force interest stable a turn

history. to XXXX, with our our Radian American extremely third to largest years are MI be homeownership homeownership, the to is in affordable focus success unique most interest reinvestment recent we proud even That's And projections we to further of sustainable private an position billion, closing the and in dream particular in we billion home homeownership to a launched of finally, for on for we the volume are ownership result within which initiative expect in approximately year market do gap yields underserved the access Additionally, communities. affordable, higher in insurance over ensuring while we portfolio. on more. the mortgage investment a represent equitable know $XXX in to the $XXX likely Based the why address rates origination increase would

our our partnerships, extending Our initiative even on industry ecosystem reporting role and and trade unique an estate association and homeownership and builds research in we expertise our the families to the real look believe our opportunity forward and training deserving our mortgage and important progress. education platforms. more can play capability, across upon We extensive to analytics

I'd like the to of turn position. to financial Now for over Frank details call our

Frank Hall

everyone. the income Thank net in the our quarter fourth and for diluted and as revenue. first now quarter quarter quarter or share quarter of reported to fourth diluted $X.XX $X.XX Adjusted in of XXXX was net compared the per XXXX. of $X.XX XXXX we in And drivers in key operating income the you, quarter share I'll issued diluted evening, first share morning, of last of of the $X.XX million To to good $XXX.X $X.XX XXXX. to turn the our of first in $X.XX XXXX XXXX. first compared GAAP recap the per per share results of Rick, financial diluted per

XXXX Our fourth billion in of compared new in $XX.X billion insurance written was the XXXX. and $XX.X quarter during first the $XX.X the billion to quarter of quarter

transactions for the in an purchase accounted to first of billion, insurance compared of New volume was written year-over-year. first XXXX XX% of quarter for insurance total for XX% our written the new XXXX. XX% Purchase increase $XX quarter of

in force the rate increased result Our persistency to continued this XX.X% further expected billion support in rates to refinance quarter in quarterly portfolio year to and would quarter a Primary XX.X% to to in-force are declines ago. expect during $X insurance which billion. drive $XXX interest reported annualized persistency insurance in growth. increases XXXX in compared activity, we our Rising increased

in growth force in at the first $XXX.X XX% persistency compared expected $XXX.X and million remains earned volume. in XXXX, of million given insurance higher $XXX.X XXXX were down million Total XXXX approximately for quarter outlook quarter of in and premiums strong the net of Our the quarter NIW to XXXX. fourth the first

quarter Slide trend premium X decrease decline earned quarter, linked-quarter The approximately the due by insurance net a lower premiums items fourth quarter. would was primarily to cancellations, with XX the in prior by million last in over and earned policy driven earned past is small these premiums along with monthly the lower items, several noted premiums as single Webcast portfolio quarters. premium to have elevated been in the mortgage line roughly primarily in premium due yield As otherwise basis premiums. force shows $X.X on were year-over-year

the direct XX was points force XX.X this to XXXX. basis premium of in and quarter quarter basis points Our quarter first compared in basis last yield points XX.X

points, is for on XXXX. expectation absent prior full the adjusted this year. would was level the for in approximately in of relatively X the to same quarter decline a or approximately $X.X basis flat adjustments million The and fourth XX.X noted been force consistent the year basis X% basis noted As from of decline point our X.X quarter basis Investment increased XXXX of linked income of the earlier. point with have yield quarter, quarter prior a

period on is rate to impact environment future cash be end there for values. of positive rising rate market a the was reinvestment While expected the flows, negative

we expect As do included experienced adjusted losses also pretax to in securities result, are get to a is investments our unrealized our income. operating portfolio. losses book We impacted we the unrealized and not, realize to These the diminish losses these they to are as GAAP value, unrealized to have ability losses earnings maturity expected value investment negatively the on the not an increase and to our closer however, but in as hold to expected par maturity. trend

hold to flow. another securities of cash our is ability strong to Our benefit operating maturity

million million million Our the XXXX is of Title fourth quarter down for of for a from fourth and premiums from XXXX, XXXX, increase Homegenius of first to first the $XX.X were which of quarter $XX.X $XX.X the XX% quarter the of quarter were XXXX. million segment compared up quarter but quarter XXXX, revenues XX% in XX% year-over-year. in first the first $X the of

of for operating XXXX the corporate before of of loss pretax a allocated for of million Homegenius $X.X XXXX the income first loss $X.X million $X.X first operating quarter the quarter expenses of reported for million compared Our quarter fourth to and was XXXX.

be gross Homegenius the G. of XXXX to was our non-GAAP found million quarter for to of comparable and the measures XXXX quarter A Exhibit GAAP measures $XX.X of profit first XXXX. quarter compared Our fourth on for $X.X million the adjusted for the can Homegenius reconciliation of first reported $XX.X million

has decline significant refinance a business. Title As in rapid which activity, Rick previously our mortgage mentioned, driven rates the increase negatively in impacts

the estimates over plans, million, create we increase decline Accordingly, this Homegenius to are financial revising long-term between timing decline XXXX pressure volume XXXX anticipated still does While million we $XXX in $XXX revenue our activity of year results of for it's and full projections. near-term our million. Homegenius a refinance $XXX downward be our actual in our downward on but accelerated an

operating million We updated adjusted $X also full adjusted $X between XXXX year have income be expected million between million now XXXX. pretax for $XX the and be our million for corporate and before to and to gross guidance $XX profit allocations

XXXX be June range milestones. at guidance about and and on of this confident client our however, our Day within We making Our original business are still our progress expected steady remain acquisition to in shared XXXX. estimates, Investor are operational

our now Moving loss to and provision quality. credit

price prior programs had As home as noted by compared appreciation, favorable resulted $XX.X new benefit mortgage our driven provision for quarter as we trends of XX, $XXX.X than defaults at of quarter a assumption the in Slide assumptions was on benefit in XXXX webcast estimated, quarter prior in the trends the including forbearance change a $XX.X fourth for XXXX first X% related and the claim aided defaults. a for for provision previously which of of default positive Also, maintained cures on assumptions quarter We on in webcast million. reserve XXXX, as million a positive to for $XX.X positive in of by XXXX. the to XXXX first to for to losses well in loss the noted quarter This new development defaults first includes in reported Slide more of the period development our the rate first of on million primarily quarter defaults XXXX. losses prior of XX, million

the in and of inventory, trends to We closely COVID-related our forbearance continue claims for including monitor resolution the cures default programs.

reported favorable XXXX XX, were reported March largest positive this new for quarter defaults the primary from second These development of cured. XXXX, of default of quarter XXXX, the quarter. catalyst in trends the for the XX% has As reserve COVID-related defaults

compared of For additional of assumption rate second X% in strong cure X.X% first rate on we defaults and of volume, assumption XXXX the the ultimate context, second continued of based set XXXX. original quarter the last an population reported quarter to X.X% approximately of quarter the default the claim this reduced large for in quarter our to to

of related were first to first The prior turning to of other operating increase in the quarter XXXX, an $XX.X compared expenses. and million expenses $XX.X XXXX quarter quarter Now $XX.X operating the and the quarter quarter to in Other in year includes The expenses million as the single increase premium Exhibit in of operating increase the primarily year aid in prior fourth million XXXX. with compared the is a $X.X same to E. compensation. incentive expenses, million we decrease segment compared on variable compensation expense in commissions including our analysis prior ceding provided an To also have increase in lower level associated share-based of detail to release acceleration. press

to Moving on taxes.

Our relating overall tax first XX.X%. in for quarter due statutory over The of company-owned the the impact was to tax for compensation our the effective equity permanent the rate rate of primarily effective increase insurance. rate adjustments to quarter XXXX book-to-tax and first life our was

be approximately rate tax discrete expected Our to annualized effective for XXXX XX.X%. is items before

$X.X a end billion of the cushion. Now assets was quarter, over liquidity. represents assets required moving XX% of excess to as PMIERs which available capital first and PMIERs Radian available minimum Guaranty's the

Radian note XX, reduced March asset risk Exhibit on billion, requirements we required arrangements of XXXX, and K. reinsurance other PMIERs through Guaranty's As reinsurance $X.X press noted third-party both as minimum distributing by by release insurance-linked have

As our XX, risk XXXX, of risk approximately in Guaranty March covering force. Radian of XX% distribution had

XXXX, available Group, of we For liquidity. as March Radian maintained $X XX, billion of

credit the of Pennsylvania approved by as from Group million $X.X XXXX. Department first March liquidity Guaranty of the X-year quarter capital Insurance to Total XXXX. was Radian Radian includes the company's which enhanced $XXX the billion facility, February was Our in million liquidity, in return XX, $XXX by

X.X of And million During $XX.XX average of through end we purchased price the an at XXX,XXX shares respectively. share XXXX, the an repurchased shares. and XXXX, April quarter of first $XX.XX, additional we

to We throughout continued pay have to a also dividend common stockholders the pandemic.

dividends. first returned of approximately through XXXX, million the quarter we $XX During shareholders to

As and a from to our mechanics our quarterly statutory I quarter the dividend by of Last during capital of of reminder, positive Radian funds to we Group. XXXX. support dividend Guaranty recently the most having Radian quarter, importance ordinary XX% unassigned first about spoke capacity the increased

continuation our of unassigned trends occur could financial to positive soon Given quarter, expect insurance potentially this XXXX. negative the we in transition funds the positive current as the assuming and performance as or XXXX from strong business, mortgage early this now

strength the capital over financial Rick. our call at to and the to and Radian shareholders. provided Radian to we at now available Guaranty Group, the believe are by businesses that Given well turn will positioned flexibility our liquidity deliver value we I back support our

Rick Thornberry

Frank. you, Thank

to call XXXX insurance long-term focused the and questions, we provide macroeconomic mortgage our of believe managing value I earnings across want growing business our strategic of for portfolio, economic our that earnings future and to are significant the and our the highlight conditions the open strong with we growing of for mortgage creation, insurance tailwinds economic remain future Before that capital X your our we and market growth and start value value Homegenius areas our resources. portfolio. purchase home Overall, projected of pleased

how cushion forward as industry with our look to yielding market maintaining we the continues pandemic We we innovative opportunistically dividend of improve our in continue manage coming and In company capital excited to and emerge in repurchasing shares business the our business, environment. performance to Homegenius strategically stockholders. credit future strong reporting the by quarters. liquidity are services our and And holding remain to about on the the paying the the on and progress highest PMIERs to pleased response for portfolio based this products from we

market. digital Finally, team analytics and we technology of this succeed utilize our the fast-moving competition the will and and to from ourselves help data differentiate strength continue to our in leverage customers

would Now operator, questions. be take we happy to

Operator

first Mark question with from [Operator Barclays. DeVries Instructions] comes Our

Mark DeVries

the deterioration in discuss We've mortgage pretty what you taught question rates grow HPA. high ability a had first history to default Could big with rates housing kind also and your for of significant affordability what obviously spike Derek. the are and My in implications you for has probably is for risk? just

Derek Brummer

Sure.

at So home you where the financial going as of context historically, you've kind this very it of different seen run-up from kind I in have to into kind looking think crisis. prices, in also we're different would seen this what have you of certainly

driving credit demographic to what's being demand the of underwriting on high be I think continues not lot tailwinds very kind is quality. say, continues I well. that's of excess it driven there's very Also, favorable of as kind Credit a would be side. tight to here

first a way starting in that to you're And it see the makes in see the down decrease result, going an existing price to as home it healthy. So are bit. have in measures, of more I'd starting express actually you're acceleration home think likely a terms we to adjustment a home So that's sales, home right? pending in probably new And of some sales of sale that sales, home come appreciation.

to that concerned in we that been I go of positive a become the line a rates probably of moderating moderation see values of rates continuing, So up going perspective. with is kind you Having have having out were this would create from seeing terms up, with up appreciation of say, out? price the now where in at markets more down our rates But adjustment kind go fundamentals. home was it

Mark DeVries

of And then just of it. pricing industry? Got the seeing latest could what next in terms address you're the question, Okay. somebody across trends

Derek Brummer

environment, as pretty competitive pricing well. take characterize that and normal. would stable I'll and environment I Sure. is

different picking now companies their and pricing. adjusting seeing we're spots is what think I

highest Our and of in the market. focus the segments deploying identifying continues to capital be value

we moderate pricing respect did that our credit and adjusting based Also, kind price We a probably pricing Same with relative quarter, flat. constantly X% GOs. up overall that was thing we're upon in range. So to implement increase see a of characteristics value. down this

increase clearing moderately, our down gave I estimate competitors, think probably saw that that to going we're leader opportunity again, kind we so which where, that probably price I maybe that looked of we've seen to bit. market up expect little X% rates a rates of range. and be of translated, an And think from of we some go share, X% bit at this a we'd potentially we environment, in not to down as going a

Mark DeVries

expect around than and Got lower increasing be it. you macro of given more would And the risk higher recession? to uncertainty rates biased some just

Derek Brummer

quarter. can perspective. an account I is rates do took speak all Well, into from and in We certainly of that that increase our expressed was kind in this

Operator

from with question next Our Doug Harter Suisse. Credit comes

Doug Harter

about just bottom of plays the lower of that you the and we premium that? refinance talk Hoping impact see kind of might out the activity expect? you how in yields just in could terms And when

Frank Hall

Yes, a portfolio year, quarter, guidance Frank. gave is point last we decrease expect hold. throughout The the to X is basis yield which that this about on we still

what on updated our So the looks NIW like current expectations -- for mix around go-forward and of basis. that's a

portfolio XX and points an trend was yield, -- But So had again basis inclusive of expect see by down quarter, again, of that and this basis and last would we basis quarter, to to XX.X adjusted the at we we points point that see. probably that quarter. mindful mix XX.X of business fourth the

Doug Harter

rates having to out in the course obviously, your a fair play And expect do the then amount. does -- yield? of year? kind investment kind you of that how of How that over the trend Lastly, And risen

Frank Hall

are Sure. certainly, rates rising persistency. for I mean, helpful

XX.X%. into if in a annualized We continue. these quarter think at this we certainly So trend uptick the could saw trends quarterly to that mid-XXs persistency good low

Persistency positive organization. powerful very in that regard. driver the a of and for revenue So earnings definitely is

good. very that's Investment earnings as portfolio So well.

the We portfolio expect increase. to investment the see on yield

duration year. a reinvesting and X-year of each portfolio, on that the we're We have a over cash amount just every tremendous flow there's and

that higher will at invested rates. be So

business without So thing those powerful very, I attributes. revenue the again, the to for earnings very that's, for cost. think on positive And to incremental And a of that both those important for very driver remember, too, incremental is the of both company.

Operator

KBW. George from comes Bose question next Our with

Bose George

about that go the well for year? income. just allocation the with wanted operating lower corporate on your if revenue level should think the to guidance. just of wondering guidance Homegenius changes back the I to of I'm OpEx as What's we that

Frank Hall

just excuse fluctuate is that's generally, or moderate based each at The level materials -- things allocation we're Homegenius. the the prepared that of the with quarter compensation if E million quarter that it's you $X Exhibit accruals, in period what we've this outlined And But corporate look Bose. trended on -- so me, we around carry-to staying. where what like things for or Sure, nature. saw may may

Bose George

Okay. Great. widened push which do to just little going spreads some increase, And the seeing up obviously the is have then on we're the market, actually, pricing pricing, translate the back higher? just pushing potentially effective impact ILNs into pricing that on like pricing you rates have think on will in mean a that. I that

Derek Brummer

Was difficult a our to of said, kind pricing view expressed say. terms I we in adjustment. Like making of

in a never tail risk mind, to utilize The it tell efficiently environment [indiscernible] little keep obviously in that to bake where of terms is difficult does other capital risk perspective. our in. to thing distribution. our calculation outlet That to an return from to account and it's pricing -- our taken decrease But and to provide into returns. just don't a enhancement competitive we've We

market, just think home fundamentals equity labor employment appreciation market, other again, strong. to the solid mind, in you look think cushions. in price look that while at some there increased extremely you fundamentals, keep risk, the market at remains expect the I still I the if thing housing We recession if there's is

decrease, or competitors tell. So and factor they all that increase I how time where will price mean and a whether our in that's

Operator

America. next Bank Mihir question Bhatia with of from Our comes

Mihir Bhatia

One This here. me is from Mihir.

with target In term. real to your the back I long-term go quickly. in environment? stand had long targets, XX% margin tell this of still homes higher Does that Just rate a you

Frank Hall

Yes. didn't I'm first I sorry, question. of hear part could your you repeat the that?

Mihir Bhatia

Sorry.

to your XX% said rate Is get higher I targets this think Homegenius, on environment? in deal operating margin. you're a it standing So trying long-term to you that

Frank Hall

faster prepared Yes, of And activity originally my absolutely. contemplated, unchanged. the anticipated I'll business occurred at had expected I long are in economics we I what scale we XXXX. was just it remarks, the as anyway, we mean refinance term, said it slow had that to the it, than call in

remain our So yes, of XXXX and scale, the those still scale, margins at we in economics at hold, estimates. all confident

Mihir Bhatia

Awesome.

mean, then April. the speaks higher purchase rate volumes to to refi And side, interest some curious, curious on Okay. Anything going like but any there's for demand reduction obviously, that. just environment, saw if the in you change I be

Derek Brummer

April mean, I we've production, seen in that as well. volume of increase purchase rates, I follow the we've as mean, I and percentage seen increase a

of So the Much market more that's positive. really purchase which a is rates. following

shift good Looking for having that NIW a us. at environment

And so growing in far increase force. we continuing a have a market. insurance that size as an feeding increased purchase persistency, growing in really our of just we that's the expect And into and

that. think, And had in tailwinds so And the years. XXXX. the see And we next expect very to over demographic I see Frank up as mentioned, several to being we XX% as strong

that's what's earnings. our and -- So really embedding and future

And so positive. we continue to see that as a real

Operator

[Operator Instructions] Our next question comes from Ryan Gilbert with BTIG.

Ryan Gilbert

Anything by, year-over-year to quarter? within call a for want you it percent I the the range normal pretty in particular First on Or out think, increase. sharp fluctuations up is NIW purchase question there? XX-plus just is of

Rick Thornberry

think I Rick. Ryan, -- this is

out. nothing think to new call I

market market than transaction to we're used much really, a where just likely purchase environment. more it's mortgage -- a function And transaction. a really to think I purchase-driven a be XXx stronger is the overall really this evolving insurance is I of refinance for think

if understood nothing I that. seeing, So question, think that's -- that's think than what other I your I we're

Ryan Gilbert

was Yes, it. Got that's asking. Okay. what I

lower share I a repurchase mean book in you're the in Any about bit here? repurchases Second although how to I is expected question than point? value stock April. on was Share thinking trading picked there return. up volume changes back well obviously has below -- is 'XX, it's is this capital XQ at

Frank Hall

our will share think the million levels with be And we X we've these we to issuance authorization which so dividend, to returning our activity we've share have I always to certainly continue had I capital our XX%. management a see $XXX pay This of value oriented continue in that you'll regard. repurchase. of Frank. by a amount historically, that had value-oriented shareholders, is And that it's and expires from years very the comfortable you capital Sure, time in by of approach repurchase to Ryan. Yes, recall, last quarter disciplined think overall at we're if -- important value increased part very a

strong of and think I shareholders very net-net, is be capital time so. So over to our return continues to

Operator

I'm turn showing like to the Rick closing remarks. back I'd time. call queue at this for in no further Thornberry questions to

Rick Thornberry

always, I our that the everybody behalf participating to our doing great the call just their shareholders. as team they're in and on want Thank our today. of and work for customers you. questions for thank And thank

seeing And you all you So I Radian. all you your again a look in -- forward for soon. of take Wednesday, wish wonderful and care. to we Thank interest

Operator

This conference participating. Thank concludes you for call. today's

You disconnect. may now

Radian (RDN) 4 May 222022 Q1 Earnings call transcript