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 -- November 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.biz.
Radian Group Inc.
Emily Riley, 215-231-1035
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