Radian Guaranty, a mortgage insurance firm, will provide Mortgage Insurance (MI) on loans within the Mortgage Harmony's HamonyLoan platform aimed to assist homeowners refinance quickly and easily.
Capable of applying to fixed-rate or adjustable rate mortgages (ARM), conventional or jumbo loans, and on new and existing mortgages, the platform enables borrower to adjust their loan interest rate without traditional rate-term refinance requirement.
Mortgage rate can be reset by the homebuyer when there is at least a 25 basis point reduction in their mortgage market rate without the expense and hassle of a traditional refinance.
Mortgage Harmony CEO Keith Kelly said that MI on loans within HamonyLoan provides a simple, easy and cost effective way for lenders to help homebuyers.
Radian's chief franchise officer Brien McMahon commented, "HarmonyLoan allows a homeowner to lower their interest rate and monthly mortgage payment without the closing costs and administrative burden of a traditional refinance."