Radian Guaranty Inc., the mortgage insurance (MI) subsidiary of Radian Group Inc., has announced that it will provide MI on loans within the HamonyLoan platform. HarmonyLoan is a mortgage feature designed by Mortgage Harmony Corporation, a financial services technology company and provider of innovative residential mortgage products. HarmonyLoan can be applied to fixed-rate or adjustable rate mortgages (ARM), conventional or jumbo loans, and on new and existing mortgages. It allows a borrower to adjust the interest rate on their loan without the need for a traditional rate-term refinance. When there is at least a 25-basis point reduction in their mortgage market rate, the homebuyer can reset their mortgage rate with just one click on a personalized, secure, Web-based site without the expense and hassle of a traditional refinance.
“We are pleased to offer prospective homebuyers the opportunity to purchase their home with a mortgage feature that gives them greater flexibility,” said Brien McMahon, Radian’s chief franchise officer. “HarmonyLoan allows a homeowner to lower their interest rate and monthly mortgage payment without the closing costs and administrative burden of a traditional refinance. It ultimately improves their financial position, which is a win-win for everyone.”