Policy Helps Borrowers Preserve Homeownership Despite Falling Home
Prices
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group
Inc. (NYSE:RDN), announced today the launch of a program which helps
qualify borrowers for traditional refinances on loans not currently
serviced by their present lender – even with today’s declining home
process and tighter lending standards. The program is aligned with the
Homeowner Affordability and Stability Plan, launched earlier this year
by the government to support mortgage holders who have consistently made
their payments on time, but have been unable to refinance at lower
mortgage rates due to falling home prices.
“Radian is committed to promoting and preserving the dream of
homeownership for borrowers,” said Teresa Bryce, President of Radian
Guaranty Inc. “We fully support industry and government efforts to help
troubled homeowners restructure or refinance their mortgages to avoid
foreclosure. In turn, we are introducing this new policy to assist
servicers in taking advantage of our related programs for existing
Radian insured loans.”
The new program enables Radian to transfer a homeowner’s existing
mortgage insurance policy to any new loan that meets the policy’s more
flexible eligibility criteria, making it easier for homeowners to
refinance their existing mortgage into a more predictable loan type
and/or take advantage of today’s lower interest rates to lower their
monthly payment. This, in turn, helps more borrowers avoid default
and/or foreclosure, remain in their homes and continue to build the type
of financial equity needed to provide some stability in today’s
challenging economic climate.
To help lenders and servicers learn more about this new program, Radian
has updated its website, www.radian.biz/certmods/newservicer.aspx,
with helpful information, including:
-
MI Performing Refinance Policy for New Servicer (the policy itself)
-
MI Performing Refinance for New Servicer Process
-
Frequently Asked Questions (FAQ’s) on Refinances for New Servicers
-
HARP MI Application Addendum
-
Performing Refinance Rates (in support of HARP initiatives)
-
Documentation submission requirements
About Radian
Radian Group Inc. (NYSE:RDN), headquartered in Philadelphia, provides
private mortgage insurance and related risk management products and
services to mortgage lenders nationwide through its principal operating
subsidiary, Radian Guaranty Inc. These services help promote and
preserve homeownership opportunities for homebuyers, while protecting
lenders from default-related losses on residential first mortgages and
facilitating the sale of low-downpayment mortgages in the secondary
market. Additional information may be found at www.radian.biz.
Radian Group Inc.
Rick Gillespie, 215-231-1061
rick.gillespie@radian.biz
or
Emily
DiTomo, 610-649-9292
emily@buchananpr.com
