Company News »

Radian Boosts Secure Homeownership with Job Loss Protection Insurance

Business Wire
Share on StockTwits
Published on

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.

Share on StockTwits