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.