TUSTIN, Calif., Oct. 17, 2016 /PRNewswire/ -- New American
Funding and Alterra Home Loans, two national mortgage banks,
announced that Radian has been named as the preferred private
mortgage insurance provider for Your Path, a new loan
program that makes affordable homeownership opportunities available
to the changing demographics of U.S. homebuyers by incorporating
criteria not used in traditional underwriting.
"Radian is dedicated to educating prospective homebuyers on ways
to achieve their dream, and we're thrilled to work with New
American Funding and Alterra Home Loans to make that happen," said
Teresa Bryce Bazemore, President,
Radian Guaranty. "We continually strive to better understand and
remove the barriers that prevent many potential homeowners from
obtaining a mortgage. The Your Path program
will help address some of those issues and serve as an important
support to our ongoing efforts to make sustainable homeownership a
reality for qualified borrowers who have limited down payment
savings."
Radian helps borrowers who are not able to make a 20% down
payment purchase a home by providing private mortgage insurance
that helps protect lenders from default-related losses. In addition
to playing that role for borrowers in the Your
Path program, Radian will also work with the
initiative's partners to educate consumers, create training
programs for industry professionals and participate in training
events for loan originators and operations staff.
"We're excited to be working with Radian on this program because
it means we will be able to provide a greater pathway to
homeownership for underserved borrowers," said Patty Arvielo,
President of New American Funding.
"Our collective ability to demonstrate homeownership sustainably
and responsible lending through this test and learn process could
have great impact to how the industry lends as a whole. Working
with the right partners on this is vital to its success, and
Radian, as our preferred mortgage insurance provider on this, gets
it," stated Jason Madiedo, CEO,
Alterra Home Loans.
Your Path puts affordable homeownership within
reach for more borrowers by taking into consideration a wider range
of factors than traditional underwriting methods, including the
needs of self-employed borrowers, seasonal employees, and
multi-generational households.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage
insurance, risk management products and real estate services to
financial institutions.
ABOUT NEW AMERICAN FUNDING
New American Funding is a female-owned, Freddie Mac, Fannie Mae
and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement and
VA Automatic mortgage lender with over 115 branch locations.
ABOUT ALTERRA HOME LOANS
Alterra Home Loans is a minority-owned, Nevada-based retail lender that provides
mortgage loans and refinancing services to new and existing
homeowners, and has offices in ten states.
RELATED LINKS
www.newamericanfunding.com
www.goalterra.com
www.radian.biz
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SOURCE New American Funding