Radian Guaranty Inc. recently announced 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,” says 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 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,” says 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 percent – 97 percent, that meet the program guidelines.
For more information, visit www.radian.biz.
