Radian Eases Refinance Process

Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., has launched a program that the company says helps qualify borrowers for traditional refinances on loans not currently serviced by their present lender. 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. "We fully support industry and government efforts to help troubled homeowners restructure or refinance their mortgages to avoid foreclosure," says Teresa Bryce, Radian Guaranty's president. "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. SOURCE: Radian G


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