Radian Partners with Loan Value Group to Support Homeowners with Newly Modified Mortgages
Eligible homeowners receive cash rewards for on-time mortgage payments
with Responsible Homeowner Reward Program
PHILADELPHIA--(BUSINESS WIRE)--Oct. 2, 2012--
Radian Guaranty Inc., the private mortgage insurance subsidiary of
Radian Group Inc. (NYSE:RDN), today announced it will begin offering a
unique program, the Responsible Homeowner Reward (RH Reward®), to
encourage borrowers, who recently modified their mortgages through the
U.S. Department of the Treasury’s Home Affordable Modification Program
(HAMP), to remain current on their new mortgage payments. HAMP is a loan
modification program designed to reduce delinquent and at-risk
borrowers’ monthly mortgage payments.
Administered exclusively by Loan Value Group LLC, the RH Reward program
pays cash rewards to eligible homeowners for making their mortgage
payments on time. Radian selects eligible homeowners for enrollment in
the program and a reward account is then established in their name that
grows with each on-time mortgage payment, up to a maximum amount. The
reward is paid in cash when the mortgage is refinanced or paid off and
the homeowner pays nothing to participate, remaining eligible by simply
making their mortgage payments on-time.
“We believe it’s important to support responsible borrowers who modified
their mortgages to try to keep their homes, by recognizing their efforts
to remain current on their payments in these difficult economic times,”
said Scott Theobald, Radian’s Chief Risk Officer. “Radian is committed
to sustainable homeownership and we are pleased to offer the RH Reward
program to our insured homeowners.”
“Our RH Reward program, which operates in nearly all 50 states, is
designed to target and reduce negative equity for nearly 12 million
underwater borrowers and has the proven ability to positively influence
payment behavior – lowering default rates by more than 50% since 2010,”
said Frank Pallotta, a Managing Partner with Loan Value Group. “We are
pleased to be partnering with Radian and admire their commitment to
homeownership in the communities they serve.”
About Radian Group Inc.
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-down payment mortgages in the secondary
market. Additional information may be found at www.radian.com.
About Loan Value Group LLC
Founded in 2008, Loan Value Group LLC is a large scale, turn-key
provider of private label, residential mortgage incentive strategies
that positively influence consumer payment behavior on behalf of
residential mortgage risk owners and servicers. Based in Rumson, New
Jersey, LVG is the creator and exclusive provider of the Responsible
Homeowner Reward® program, named one of the "50 Best Inventions of 2010"
by TIME Magazine.
Source: Radian Group Inc.
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.com
or
Loan
Value Group LLC
Rosalia Scampoli, 212-537-5177, ext. 7
rscampoli@marketcomPR.com
