Radian Guaranty Inc. Eliminates 'Stated Income' and 'Stated Asset...( PHILADELPHIA March 27 /- Radian G...),Health
PHILADELPHIA, March 27 /PRNewswire/ -- Radian Guaranty Inc., the primary mortgage insurance subsidiary of Radian Group Inc. (NYSE: RDN), announced today that mortgages originated under "stated income" and "stated asset" programs will no longer be eligible for mortgage insurance. In a message to clients this week, Radian commented, "while certain forms of alternative documentation used to verify assets and income are appropriate with a disciplined underwriting process, the stated programs will no longer be insurable as a result of poor performance." This change will take effect on April 30, 2008 for all new mortgage insurance applications.
As announced earlier this month, revisions to existing underwriting guidelines and pricing policies will take effect on March 31, 2008. These significant changes represent a variety of adjustments to loan-to-value, documentation and FICO requirements, and are part of an on going process at Radian to respond quickly to market conditions. In addition to guideline changes, updated declining markets territories have also been posted to the Radian website.
"These changes reflect the current market conditions and a commitment to our business partners and shareholders to write new business that will allow homebuyers appropriate and affordable alternatives," commented Dave Applegate, President of Radian Guaranty. "The continued weakness in the housing market and overall economy has created unprecedented challenges for the industry and our clients. It is critical that we act quickly to assist our clients in producing high quality, profitable business. Accordingly, we have tightened guidelines and increased pricing in areas in which we continue to see deterioration in our risk adjusted returns."
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| SOURCE Radian Guaranty Inc. Copyright©2008 PR Newswire. All rights reserved |
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