""Radian Guaranty Inc."":http://www.radian.biz/page?name=HomePage will begin offering a program that provides cash rewards to homeowners who stay current on their newly modified HAMP mortgages.[IMAGE]
The Responsible Homeowner Reward (RH Reward) program works to motivate borrowers to maintain their newly modified payments through cash incentives. The program is administered exclusively by ""Loan Value Group LLC"":http://www.loanvaluegroup.com/.
""Our RH Reward program, which operates in nearly all 50 states, is designed to target and reduce negative equity for nearly 12 million underwater borrowers and has the proven ability to positively influence payment behavior Ã¢â‚¬" lowering default rates by more than 50% since 2010,"" said Frank Pallotta, a managing partner with Loan Value Group.
Radian will select eligible homeowners to enroll into the program. Participants will have a reward account that accumulates with each on-time mortgage payment. The reward is given when the mortgage is paid off or refinanced.
""We believe it's important to support responsible borrowers who modified their mortgages to try to keep their homes, by recognizing their efforts to remain current on their payments in these difficult economic times,"" said Scott Theobald, Radian's Chief Risk Officer.
Radian Group is headquartered in Philadelphia and provides private mortgage insurance through its subsidiary, Radian Guaranty.
Based in New Jersey, Loan Value Group provides residential mortgage incentive strategies that positively influence consumer payment behavior on behalf of residential mortgage risk owners and servicers.