Radian to Provide MI on HarmonyLoan Feature

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.”