Asian Real Estate Association of America (AREAA) and Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., have entered into a two-year agreement to create broader lending options for Asian American consumers, including AREAA's members.
According to Radian, Asian Americans have been the fastest-growing group in the country with the highest household income since 2000. Within the next two years, Asian American purchasing power will top $1 trillion.
‘Access to innovative financing solutions is critical in today's mortgage environment,’ says Carmen Chong, the current chairman of AREAA. ‘In order to better serve the Asian American community more effectively, we need to educate real estate professionals about various mortgage options, as well as continue to develop relevant mortgage products.’
Per the agreement, the two companies aim to inform AREAA members on the benefits of mortgage insurance and to craft practical tools that facilitate an ideal mortgage decision-making process.