Title Insurance Dispute Costs Trade Group a Member Firm.

The Radian Group here has left the Mortgage Insurance Cos. of America, the trade group that represents the private mortgage insurance industry.

MICA and the other members of the group opposed Radian's efforts to get its Radian Lien Protection product approved in California.

Radian said RLP was a mortgage pool insurance policy. MICA sided with the American Land Title Association (the title industry trade group) in successfully lobbying the state's insurance commissioner, John Garamendi, that RLP was actually title insurance.

In a statement issued by Radian, the company said, "Radian has made a strategic decision to discontinue its membership in MICA based on the determination that the company is better served by re-deploying its time and resources in a manner more fitting with our long-term strategic goals as a global credit enhancement company. These goals focus on growing our mortgage insurance business both domestically and internationally through our new international mortgage team, as well as our financial guaranty and mortgage services business lines." The statement avoided mentioning the split in the industry over RLP.

Even though Radian left MICA effective July 1, 2003, neither side publicized the move until MICA issued its monthly report for July. A footnote indicated that Radian did not provide data for the report.

The move leaves MICA with six members: Mortgage Guaranty Insurance Corp., United Guaranty ...