Radian Helps Underwater Homeowners Refinance Through HARP 2.0
November 20 2012 - 8:00AM
Business Wire
Radian Guaranty Inc., the mortgage insurance subsidiary of
Radian Group Inc., today announced its continued support of the
Home Affordable Refinance program (HARP). The HARP program was
first introduced in 2009 by the Federal Housing Finance Agency
(FHFA) and the Department of the Treasury to help “underwater”
homeowners who owe more on their mortgage than their home is worth.
HARP 2.0 was announced late last year and included additional
enhancements to help more homeowners take advantage of the
program.
Radian has helped more than 35,000 borrowers take advantage of
the newest HARP 2.0 program where, on average, homeowners are able
to reduce the monthly principal and interest payment on their
mortgage by more than 20 percent. Many are also using the program
to pay their mortgage loan more quickly, with 18 percent of
Radian’s HARP 2.0 borrowers refinancing into a 10- to 20-year
term.
“At Radian, we are committed to helping homeowners stay in their
homes. We are pleased to support the successful HARP refinance
program, which helps borrowers who are paying their monthly
mortgage payments and are committed to their homes to take
advantage of today’s low interest rates,” stated Teresa Bryce
Bazemore, President of Radian Guaranty.
Scott Theobald, Chief Risk Officer of Radian Guaranty, added,
“The HARP program is also helping Radian to improve the credit
profile of its mortgage insurance portfolio. Nearly 8% of our
primary mortgage insurance risk-in-force benefited from a HARP
refinance as of September 30, 2012, and 75% of the HARP
refinancings in 2012 were from the 2006 – 2008 vintage years.”
Radian customers may now submit HARP-eligible loans through a
secure website here:
https://radian.secure.force.com/LoanModNotification. For more
information about the HARP program, visit www.fhfa.gov.
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance and related risk management
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.
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