Radian Guaranty Launches New Program To Keep More People in Their Homes
13 Octobre 2008 - 6:53PM
Business Wire
Radian Guaranty, the mortgage insurance subsidiary of Radian Group
Inc. (NYSE:RDN), announced today that it has established the
Servicer Advocacy Group, a new program aimed at keeping more
homeowners in their homes. Under the new program, Radian will lend
its considerable expertise in loan workouts and loss mitigation to
mortgage servicers, helping them craft creative and flexible
solutions that will help distressed homeowners remain in their
homes. �The number one goal of this program is to help keep more
homeowners in their homes, especially important during this
turbulent time,� said Cam Melchiorre, Senior Vice President, Loss
Management for Radian Guaranty. �We will work closely with mortgage
servicers to make sure they have access to a wide range of products
and services that can help homeowners who are struggling. �As a
mortgage insurer, we have a vested interest in keeping homeowners
in their homes. We also have sophisticated resources to assist with
workouts. By applying a structured regional approach to the unique
real estate needs of affected communities, we look forward to a
win-win-win solution that benefits homeowners as well as servicers
and Radian. �All three of us � the mortgage servicing community,
Radian Guaranty and, most importantly, our homeowner customers �
want nothing more than to help struggling homeowners remain in
their homes.� The Servicer Advocacy Group will be organized into
three regions � Western, Eastern and Central. Each region will be
led by a Vice President of Servicer Advocacy. The Western region
will be run by Liz Johnson. The East region will be managed by
Chris Wagner, and Connie Childs will oversee the Central region.
All three of the Vice Presidents will report to Cam Melchiorre. The
regions will be supported by regional Servicer Advocacy
Representatives. These Representatives will work directly with
servicers to implement a custom-designed �Servicer Solution Set� �
a set of loss mitigation tools designed to meet each servicer�s
specific needs. The �Servicer Solution Set� includes: Radian
FastAdvance: A default solution that provides quick, partial claims
advances. Servicers can use these advances to assist distressed
borrowers by modifying the terms of a loan or structuring a
customized repayment plan, for example. Consumer Credit Counseling
Service of Delaware Valley (CCCS-DV): A partnership with one of the
most highly regarded independent, non-profit counseling services in
the nation. Struggling borrowers have access to comprehensive
consumer credit education, counseling, asset building and debt
reduction programs. Radian covers all counseling costs. On-Site
Loss Mitigation Representatives: Radian places loss mitigation
representatives directly in a servicer�s office to personally
assist in reviewing borrower financial packages and determine
appropriate workout solutions. Loss Management Sponsored Servicer
Training: Radian provides a servicer�s employees with training on
skills such as Loss Mitigation, Negotiations and Workout Programs,
helping servicers become more familiar with tools that can help
homeowners keep their homes. In addition, the Servicer Advocacy
Group will work directly with Radian�s corporately located loss
mitigation specialists to source, propose and close workout
transactions, with an emphasis on retention workouts. �Radian�s
Servicer Advocacy Group is an important and bold program that we
believe will preserve home ownership for many homeowners,� said
Melchiorre. �These trying times require creative solutions, and we
look forward to partnering with our servicer clients on behalf of
homeowners across the nation.� About Radian Radian Group Inc. is a
global credit risk management company headquartered in Philadelphia
with significant operations in New York and London. Radian develops
innovative financial solutions by applying its core mortgage credit
risk expertise and structured finance capabilities to the credit
enhancement needs of the capital markets worldwide, primarily
through credit insurance products. The company also provides credit
enhancement for public finance and other corporate and consumer
assets on both a direct and reinsurance basis and holds strategic
interests in credit-based consumer asset businesses. Additional
information may be found at www.radian.biz.
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