Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., will provide mortgage insurance (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 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, according to Radian. It allows a borrower to adjust the interest rate on the loan without the need for a traditional rate-term refinance. When at least a 25-basis-point reduction in the mortgage market rate exists, the system is designed to enable homebuyers to reset the mortgage rate with just one click on a personalized, secure, web-based site, without the expense and hassle of a traditional refinance.
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