Radian Guaranty, the primary mortgage insurance subsidiary of Radian Group Inc., announced the release of its FastAdvance program aimed at helping distressed mortgage borrowers via expedited loan modifications.
The program, which was successfully piloted over the fast few months, would allow mortgage servicers to modify the terms of a home loan by executing a mortgage rate reduction or structuring a customized repayment plan.
Additionally, Radian Guaranty has partnered with the Consumer Credit Counseling Service of Delaware Valley to provide borrowers with access to third-party assistance that can help them sort through all of their options.
Radian said earlier this week that it planned to scrap coverage on all stated income and stated asset loans beginning April 30, and yesterday, rival Triad Guaranty warned that it may stop writing new insurance.
Last week, private mortgage insurer PMI group launched a homeownership prevention team aimed to keep borrowers in their homes as defaults and claims continue to rattle mortgage insurance providers.
Shares of Radian were down 36 cents, or 5.25%, to $6.50 in afternoon trading on Wall Street, roughly 90 percent below their 52-week high.