Radian Guaranty Inc., the private mortgage insurance subsidiary of Philadelphia-based Radian Group Inc., has launched a job loss insurance program called Radian MortgageAssure that is designed to reduce the risk of job loss-related late or missed mortgage payments while offering lenders further protection against default.
According to Radian, this is the only program of its kind currently offered by a mortgage insurer. Under the program, if a participating homeowner falls behind on his mortgage payments due to an involuntary job loss and meets the conditions of the program, Radian MortgageAssure will provide up to six monthly mortgage payments, for a maximum monthly benefit of up to $1,500 or a total protection of $9,000 during the two-year coverage period.
Offered exclusively to Radian's lending partners, Radian MortgageAssure will be effective for mortgage insurance applications received on or after May 1, and coverage will begin on the day the loan closes.
