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 :
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