The health and safety of our employees, customers, and their families is a top priority during this unprecedented time. We thank you all for your continued partnership.
And as news about COVID-19 (Coronavirus) continues to evolve, Radian regularly monitors the World Health Organization (WHO), the U.S. Centers for Disease Control and Prevention (CDC) and other local health and government agencies for the latest updates and guidance.
In response to recent developments, we are enacting a mandatory work-from-home policy for nearly all employees company-wide.
As a result, Radian must implement changes to our mortgage insurance, title insurance, and real estate services processes. Please reference this page for all updates regarding COVID-19.
While this is a challenge that we have never faced before, we remain confident that by working together with our customers and business partners, we will successfully navigate this global crisis and emerge stronger than ever.
Latest GSE Alignment & Changes to MI Eligibility
Recently, the GSEs announced new underwriting documentation requirements and additional flexibilities related to loan closings. Radian is aligning with all GSE updates included in these announcements – key highlights can be found below, along with changes to Radian’s Underwriting Guidelines.
Alignment with GSE Updates
- For new MI applications, received on or after April 14, 2020, underwriting documentation for income and assets must be dated no more than sixty (60) days from the Note Date. Employment, income, and asset verification directly from a third-party verification service provider must be dated no more than sixty (60) days prior to the Note Date.
- For new MI applications, received on or after April 14, 2020, when self-employment income is used as qualifying income, lenders must confirm, within ten (10) business days of the Note Date, that the borrower’s business is currently operating.
- For equity-based assets, lenders must follow GSE down-payment requirements to liquidate the asset or discount the value if used for reserves.
- Radian aligns with the appraisal flexibilities extended to new construction and renovation loans.
- Radian aligns with the powers of attorney flexibilities and the remote online notarization policies.
The GSE-announced underwriting and appraisal flexibilities, as well as the GSE-announced underwriting documentation restrictions, extend to Radian’s eligibility and guidelines for non-GSE loans, with the exception of exterior-only and desktop appraisals, which have a maximum loan amount of $765,600.
Given the broad and significant impact on employment and income caused by COVID-19, we encourage our lenders to continue to apply thoughtful due diligence to loan files and follow up appropriately on “red flags”. These updates should be implemented as soon as possible, but no later than April 14, 2020, for new MI applications.
Radian Responds to COVID-19 in Support of GSE Updates
Fannie Mae and Freddie Mac announced temporary origination and servicing guidelines in response to COVID-19 (Coronavirus). As our customers work to assist new and existing borrowers during this time, Radian is aligned with the GSE origination and servicing updates.
Radian also wants to remind our customers that we are aligned with all existing GSE forbearance or other workout policies as well as GSE-announced suspension of foreclosures and evictions. Non-GSE loans may follow the requirements of either GSE, so long as they are consistently followed.
Premium Payment Processing
For Customers Who Remit Check Payments
For payments by check, be sure to include the certificate number, closing date or remittance advice. Please send payments based on the following:
- Via regular mail: Radian Guaranty Inc., PO Box 823225, Philadelphia, PA 19182-3225
- Via overnight mail: Radian Guaranty Inc, PO Box 823225, 525 Fellowship Road, Suite 330, Mt. Laurel, NJ 08054-3415
- DO NOT send checks to 1500 Market Street, Philadelphia. Payments sent to this location will experience a delay in processing
- Electronic payments can be made quickly and easily. Learn how you can set up electronic payments by contacting Radian’s Customer Care at firstname.lastname@example.org or 877.RADIAN1 (723.4261)
For Customers Who Remit Electronic Payments
For payments made electronically, there are no changes to your process.
- If you have any questions regarding your payment, please contact Radian’s Customer Care at email@example.com or 877.RADIAN1 (723.4261).
We realize that this is a time of constantly changing circumstances as the facts and forecasts related to COVID-19 continue to evolve. We want to assure you that our team is working hard to continue to provide the service you have come to expect from Radian. In these unprecedented times, our signing agent partners are following the National Notary Association’s important health and safety guidance for Signing Agents, mobile Notaries and signers/borrowers amid growing concerns over COVID-19.
In addition, we are continuing to monitor the temporary closures of county offices, impacting the ability to perform title searches and record documents. Radian Settlement Services is expeditiously reviewing the guidance of our panel of underwriters including bulletins issued by Radian Title Insurance in order to provide the most up to date information to our clients. Today, we are open for business as usual.
Our team will communicate with you on any updates or changes that may be necessary. In the meantime, please do not hesitate to contact your Radian representative and learn how we can help facilitate closings through innovative solutions.
Real Estate Services
Residential Property Valuations
We want to assure you that our team is working hard to continue to provide the service you have come to expect from the Radian family, including our subsidiaries Red Bell Real Estate, LLC and Independent Settlement Services, LLC.
As of now, Red Bell, Independent Settlement Services and Radian Real Estate Management are able to conduct business as usual in most areas. SFR BPOs are not affected and we are working to ensure there are no delays in fulfillment. We are utilizing a remote workforce to continue to uphold our high level of customer service — your contacts can still be reached via phone and email as always.
We are experiencing issues fulfilling orders in some areas — particularly interior products in San Francisco, where residents have been ordered to shelter-in-place. We understand other major cities may be adopting similar measures, and we are monitoring the situation closely, including guidance emanating from regulators and the GSEs. We are working with our vendor network to fulfill orders as safely and swiftly as possible. If we are unable to fulfill an order, we will notify you proactively.
Radian Supports GSE Updates in Response to COVID-19
Recently Fannie Mae and Freddie Mac announced temporary origination and servicing guidelines in response to COVID-19 (Coronavirus). As our customers work to assist new and existing borrowers during this time, Radian and our family of companies are aligned with the GSE updates, which include temporary appraisal requirement flexibilities for loan applications dated on or before May 17, 2020.
In support of the temporary GSE appraisal requirements, Independent Settlement Services will follow the process below for all appraisal orders:
- Clients should continue to place interior product orders as necessary.
- If the appraiser cannot obtain interior access, we will reach out to the client to confirm whether a desktop appraisal is acceptable for the loan situation.
- We will only proceed with a desktop appraisal upon approval from our clients.