Radian Says Title Alternative Reduces the Cost of Refinancing.(Radian Guaranty)(Brief Article)

Radian Guaranty Inc., has developed a title insurance alternative that the mortgage insurance company claims can knock 50% off the cost of traditional title products on refinancings, second mortgages and home equity loans.

Radian is offering this lien protection only through an affiliate, ExpressClose.com, which is a Web-based loan processing and closing service.

"Radian Lien Protection offers more than just 50% savings on title costs," Radian president Roy Kasmar said. "It is offered with a complete online closing package that includes less expensive appraisals and credit reports, lower documentation charges, more convenience loan closings and access to closing documents through a secure website."

Radian's chief financial officer Bob Quint told institutional investors that the title insurance product has already generated a lot interest from its customers. "And we have Fannie Mae and Freddie Mac aboard."

He also stressed that the title insurance substitute is only going to be sold through ExpressClose.com. "It should give us a competitive advantage," he said at the Friedman Billings Ramsey & Co.'s investor conference in Washington.

Radian Group, the parent of the monoline mortgage insurance company Radian Guaranty, acquired ExpressClose.com in 2000 as part of its diversification strategy.

Based in Philadephia, ...