Philadelphia-based Radian Guaranty Inc. , a provider of private mortgage insurance and related risk management products to lenders nationwide, has launched a new program that the company says will help borrowers qualify for traditional refinances on loans not currently serviced by their present lender – even with today’s declining home process and tighter lending standards.

Radian says its program is aligned with the Homeowner Affordability and Stability Plan, launched earlier this year by the federal government to support mortgage holders who have consistently made their payments on time, but have been unable to refinance at lower mortgage rates due to falling home prices.
The new program enables Radian to transfer a homeowner’s existing mortgage insurance policy to any new loan that meets the policy’s more flexible eligibility criteria, making it easier for homeowners to refinance their existing mortgage into a more predictable loan type and take advantage of today’s lower interest rates. The company said the program will help more borrowers avoid default or foreclosure, remain in their homes, and continue to build the type of financial equity needed to provide some stability in today’s challenging economic climate.
Teresa Bryce, president of Radian Guaranty Inc., said, “Radian is committed to promoting and preserving the dream of homeownership for borrowers. We fully support industry and government efforts to help troubled homeowners restructure or refinance their mortgages to avoid foreclosure. In turn, we are introducing this new policy to assist servicers in taking advantage of our related programs for existing Radian insured loans.”