Radian Guaranty Inc.
, the mortgage insurance subsidiary of Radian Group Inc., has announced the creation of its new Master Policy for all new mortgage insurance applications.
The new policy was created with the U.S. Mortgage Insurers (USMI) and its members and with the government-sponsored enterprises (GSEs). According to the Philadelphia-based company, the new product will “provide lenders and servicers with a uniform and straightforward document that is consistent across nearly all mortgage insurers, eliminating the need to evaluate and compare multiple policies.”
The new policy also incorporates the Amended and Restated GSE Rescission Relief Principles, which the GSEs finalized in September 2018. This marks the first update to Radian Guaranty’s policy since 2014.
“The new Master Policy allows Radian to focus even more on what we do best: helping ensure the American dream of homeownership,” said Radian Chief Executive Officer Rick Thornberry. “The new policy offers servicers and lenders consistency, clarity and our commitment to provide uniform mortgage insurance rescission relief with the continuation of our Confident Coverage promise.”