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Philadelphia -- The current economic environment has created a significant number of loan defaults and loan servicers are currently attempting to manage these cases by providing more options to help people remain in their homes.
As part of a plan to allow residential mortgage servicers to help distressed borrowers stay in their homes, Radian Guaranty, the primary mortgage insurance subsidiary of Radian Group Inc., has launched a new program that offers claims advances.
The new program, called Radian FastAdvance, provides quick, partial claims advances that allow servicers to modify the terms of a loan, such as a rate reduction, or by structuring a customized repayment plan.
Radian Guaranty has also formed a partnership with Consumer Credit Counseling Service of Delaware Valley that will provide education, customized assistance and a method of direct communication between borrowers and servicers using the Radian FastAdvance program.
Since there is no single solution that will help every borrower, Radian is advancing funds to servicers so they can take the specific action required to keep borrowers in their homes rather than proceeding with a stressful and costly foreclosure process.
In addition to FastAdvance, Radian Guaranty's partnership with CCCS of Delaware Valley provides borrowers access to third parties that can assist them in ...
Source: HighBeam Research, Radian Offers Claims Advance Service.