Radian Helps Underwater Homeowners Refinance Through HARP 2.0
As program approaches one-year anniversary, more than 35,000 borrowers
with Radian MI benefit from a HARP 2.0 refinance
PHILADELPHIA--(BUSINESS WIRE)--Nov. 20, 2012--
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.com.
Source: Radian Group Inc.
Radian Group Inc.
Emily Riley, 215-231-1035
emily.riley@radian.com
