Radian Boosts Secure Homeownership with Job Loss Protection Insurance
April 23 2015 - 4:00PM
Business Wire
Radian MortgageAssureSM is a Unique Program
Enhancing the Value of Radian MI by Reducing the Risk of Job
Loss-Related Late Payments or Defaults
Radian Guaranty Inc., the private mortgage insurance subsidiary
of Radian Group Inc. (NYSE: RDN), announced today the launch of a
job loss insurance program called Radian MortgageAssureSM that is
designed to provide homeowners peace of mind after an involuntary
job loss. This program reduces the risk of job loss-related late or
missed mortgage payments, while offering lenders further protection
against default.
“At Radian, we are continually innovating to help Americans
realize the dream of affordable, sustainable homeownership,” said
Brien McMahon, chief franchise officer, Radian. “As the spring
buying season begins, we are pleased to be able to offer a new
level of protection – at no additional cost – that is designed to
provide peace of mind to those interested in purchasing a
home.”
Radian MortgageAssureSM is the only program of its kind
currently offered by a mortgage insurer and will be offered
exclusively to Radian’s lending partners. Under the program, if a
participating homeowner falls behind on their mortgage payments due
to an involuntary job loss and meets the conditions of the program,
Radian MortgageAssureSM will provide up to six monthly mortgage
payments, for a maximum monthly benefit of up to $1,500 or total
protection of $9,000 during the two-year coverage period. Radian
MortgageAssureSM will be effective for MI applications received on
or after May 1, 2015 and coverage will begin on the day the loan
closes.
“With Radian MortgageAssureSM, we are not only offering
homeowners the comfort of getting back on their feet, but also
making it easier for lenders to approve new loans in uncertain
economic times,” said Teresa Bryce Bazemore, president, Radian
Guaranty. “It is a win-win for everyone working to further the
American dream of sustainable homeownership.”
This added benefit is automatically provided on Radian-insured
loans for primary, owner-occupied, single-family homes with
loan-to-values of 95.01% - 97%, that meet the program
guidelines.
About Radian
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.biz.
Forward-Looking Statements
Some of the statements in this press release may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as "will," "expects,"
"believes" and similar expressions are used to identify these
forward-looking statements. These forward-looking statements, which
may include without limitation, projections regarding our future
performance and financial condition, are made on the basis of
management’s current views and assumptions with respect to future
events. Any forward-looking statement is not a guarantee of future
performance and actual results could differ materially from those
contained in the forward-looking statement. These statements speak
only as of the date they were made, and we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. We operate
in a changing environment. New risks emerge from time to time and
it is not possible for us to predict all risks that may affect us.
For more information regarding these risks and uncertainties as
well as certain additional risks that we face, you should refer to
the Risk Factors detailed in Item 1A of Part I of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2014 and
subsequent reports and registration statements filed from time to
time with the Securities and Exchange Commission.
Radian Group Inc.Emily Riley, 215.231.1035email:
emily.riley@radian.biz
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