The PMI Group Inc. has announced that Homeowner Reward Company, a PMI subsidiary, is launching an innovative new pilot program intended to support sustainable homeownership in certain hard-hit real estate markets. Homeowner Reward Company is working with Loan Value Group LLC to offer the RH Reward to a group of homeowners whose mortgages are insured by PMI Mortgage Insurance Company.
The RH Reward program addresses a serious problem for many homeowners who find that factors outside of their control—particularly, lower home prices in their cities and neighborhoods—have left them owing more on their mortgages than their homes are currently worth. RH Reward seeks to address this problem through an incentive-based program that offers eligible homeowners a cash reward for staying current on their mortgages. There is no charge to borrowers to participate in the program.
"We are very pleased to have Homeowner Reward Company offer this pilot rewards program as we continue to seek creative and effective loss mitigation strategies," said Chris Hovey, PMI-MIC's senior vice president of servicing operations and loss management. "PMI is committed to supporting sustainable homeownership in all the communities it serves. The interests of PMI are uniquely aligned with those of homeowners. PMI is especially supportive of homeownership retention efforts in states that are facing unprecedented housing challenges."