Radian Guaranty Implements Program to Assist Homeowners Refinance to Lower Interest Rates
25 Juin 2009 - 9:15PM
Business Wire
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.
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