Radian Guaranty Inc. has introduced Radian FastAdvance, a program that provides quick, partial claims advances that allow residential mortgage servicers to assist distressed borrowers by modifying the terms of a loan (such as a rate reduction) or by structuring a customized repayment plan.
Radian Guaranty also announced a partnership with Consumer Credit Counseling Service of Delaware Valley that will provide education, customized assistance, and a method of direct communication between borrowers and servicers using the Radian FastAdvance program.
The company notes that the current economic environment has created a significant number of loan defaults and that loan servicers are currently attempting to manage these cases by providing more options to help people remain in their homes. Because there is no single solution that will help every borrower, Radian is advancing funds to servicers so they can take the specific action required to keep borrowers in their homes rather than proceeding with a stressful and costly foreclosure process.
Radian FastAdvance has been successfully piloted for several months and has received favorable reactions from mortgage servicers who have participated in the program, the company adds.