Mortgage Insurer Turns to HarmonyLoan Platform
Mortgage technology solution designed to help homeowners refinance electronically.
Virtual Water Cooler, November 19, 2012
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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