Radian to Provide Mortgage Insurance on HarmonyLoan™ Feature
Innovative Mortgage Technology Solution Helps Homeowners Refinance
Quickly and Easily
PHILADELPHIA--(BUSINESS WIRE)--Nov. 16, 2012--
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:
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides
private mortgage insurance and related risk mitigation 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.com.
Mortgage Harmony Corp. designs, develops and distributes innovative
residential mortgage products for mid-size and large banks, credit
unions and mortgage companies. Its mission is to create products and
services that properly align the economic incentives of all participants
of a mortgage transaction and bring long-term stability to the housing
finance industry. The HarmonyLoan™ is a consumer-initiated interest
rate-resetting mortgage with a recurring compensation structure for the
loan officer. For more information on Mortgage Harmony and the
HarmonyLoan™, please visit www.mortgageharmony.com.
Source: Radian Group Inc. and Mortgage Harmony Corp.
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.com
or
Mortgage
Harmony Corp.
Kevin Ziolkowski, 925-292-4799
kziolkowski@mortgageharmony.com
