Homeowner Reward Co., a subsidiary of The PMI Group, Inc. is launching a pilot program aimed at supporting sustainable homeownership in some of the nation’s hard-hid markets.

The organization, in collaboration with Loan Value Group LLC, a consumer incentives firm serving the residential mortgage industry, will offer the new RH Reward to a group of homeowners with mortgages insured by PMI Mortgage Insurance Co.

The RH Reward is specifically designed to help homeowners who owe more on their mortgages than their homes are currently worth, specifically when their problematic situation is the result of low home prices in their area.

An incentive-based program, RH Reward encourages homeowners to stay current on their mortgages by offering cash rewards when they do.

“We are very pleased to have Homeowner Reward Co. offer this pilot rewards program as we continue to seek creative and effective loss mitigation strategies,” said Chris Hovey, PMI-MIC’s SVP of Servicing Operations and Loss Management.

Headquartered in Walnut Creek, California, The PMI Group, Inc. helps expand homeownership through its credit, capital, and risk transfer solutions.

The company provides residential mortgage insurance and credit enhancement products.

“PMI is committed to supporting sustainable homeownership in all the communities it serves,” said Hovey. “The interests of PMI are uniquely aligned with those of homeowners.”

He added, “PMI is especially supportive of homeownership retention efforts in states that are facing unprecedented housing challenges.”