Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., has announced the launch of a program which helps qualify borrowers for traditional refinances on loans not currently serviced by their present lender--even with today’s declining home process and tighter lending standards. The program is aligned with the Homeowner Affordability and Stability Plan (HASP), 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.
“Radian is committed to promoting and preserving the dream of homeownership for borrowers,” said Teresa Bryce, president of Radian Guaranty Inc. “We fully support industry and government efforts to help troubled homeowners restructure or refinance their mortgages to avoid foreclosure. 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. This, in turn, helps more borrowers avoid default and/or foreclosure, remain in their homes and continue to build the type of financial equity needed to provide some stability in today’s challenging economic climate.
To help lenders and servicers learn more about this new program, Radian has updated its Web site, www.radian.biz/certmods/newservicer.aspx, with helpful information, including:
◄ MI Performing Refinance Policy for New Servicer (the policy itself)
◄ MI Performing Refinance for New Servicer Process
◄ Frequently Asked Questions (FAQ’s) on Refinances for New Servicers
◄ HARP MI Application Addendum
◄ Performing Refinance Rates (in support of HARP initiatives)
◄ Documentation submission requirements
For more information, visit www.radian.biz.