Radian to Provide Mortgage Insurance on HarmonyLoan™ Feature
Innovative Mortgage Technology Solution Helps Homeowners Refinance Quickly and Easily
PHILADELPHIA--(BUSINESS WIRE)-- Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today announced that it will provide MI on loans within the HamonyLoan™ platform. HarmonyLoan is a mortgage feature designed by Mortgage Harmony Corp., a financial services technology company and provider of innovative residential mortgage products.
HarmonyLoan can be applied to fixed-rate or adjustable rate mortgages (ARM), conventional or jumbo loans, and on new and existing mortgages. It allows a borrower to adjust the interest rate on their loan without the need for a traditional rate-term refinance. When there is at least a 25 basis point reduction in their mortgage market rate, the homebuyer can reset their mortgage rate with just one click on a personalized, secure, web-based site without the expense and hassle of a traditional refinance.
"Over the last several years, the mortgage industry has been struggling to cure many of the problems affecting homebuyers unable to take advantage of lower interest rates and at the same time, reclaim the homebuyers' confidence," says Keith Kelly, Mortgage Harmony CEO. "Innovation and change are critical to moving forward. Mortgage Harmony is pleased to have a highly regarded mortgage insurer like Radian working with us to move this innovative feature into the mortgage market. It is a simple, easy and cost effective way for lenders to help homebuyers, while helping themselves."
"We are pleased to offer prospective homebuyers the opportunity to purchase their home with a mortgage feature that gives them greater flexibility," said Brien McMahon, Radian's Chief Franchise Officer. "HarmonyLoan allows a homeowner to lower their interest rate and monthly mortgage payment without the closing costs and administrative burden of a traditional refinance. It ultimately improves their financial position, which is a win-win for everyone."
A demo of HarmonyLoan's One-Click Rate Change™ is available atwww.harmonyloan.info:
Radian Group Inc. (NYS: 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.
Mortgage Harmony Corp. designs, develops and distributes innovative residential mortgage products for mid-size and large banks, credit unions and mortgage companies. Its mission is to create products and services that properly align the economic incentives of all participants of a mortgage transaction and bring long-term stability to the housing finance industry. The HarmonyLoan™ is a consumer-initiated interest rate-resetting mortgage with a recurring compensation structure for the loan officer. For more information on Mortgage Harmony and the HarmonyLoan™, please visit www.mortgageharmony.com.
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