Radian to Provide Mortgage Insurance on HarmonyLoan™ Feature
November 16 2012 - 8:00AM
Business Wire
Radian Guaranty Inc., the mortgage insurance subsidiary of
Radian Group Inc., today announced that it will provide MI on loans
within the HamonyLoan™ platform. HarmonyLoan is a mortgage feature
designed by Mortgage Harmony Corp., 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.
“Over the last several years, the mortgage industry has been
struggling to cure many of the problems affecting homebuyers unable
to take advantage of lower interest rates and at the same time,
reclaim the homebuyers’ confidence,” says Keith Kelly, Mortgage
Harmony CEO. “Innovation and change are critical to moving forward.
Mortgage Harmony is pleased to have a highly regarded mortgage
insurer like Radian working with us to move this innovative feature
into the mortgage market. It is a simple, easy and cost effective
way for lenders to help homebuyers, while helping themselves.”
“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.”
A demo of HarmonyLoan’s One-Click Rate Change™ is available
at www.harmonyloan.info:
- Username:
demo@mortgageharmony.com
- Password: password1
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk mitigation
products and services to mortgage lenders nationwide through its
principal operating subsidiary, Radian Guaranty Inc. These services
help promote and preserve homeownership opportunities for
homebuyers, while protecting lenders from default-related losses on
residential first mortgages and facilitating the sale of
low-downpayment mortgages in the secondary market. Additional
information may be found at www.radian.biz.
Mortgage Harmony Corp. designs, develops and distributes
innovative residential mortgage products for mid-size and large
banks, credit unions and mortgage companies. Its mission is to
create products and services that properly align the economic
incentives of all participants of a mortgage transaction and bring
long-term stability to the housing finance industry. The
HarmonyLoan™ is a consumer-initiated interest rate-resetting
mortgage with a recurring compensation structure for the loan
officer. For more information on Mortgage Harmony and the
HarmonyLoan™, please visit www.mortgageharmony.com.
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