""Radian Guaranty Inc."":http://www.radian.biz/page?name=HomePage announced Monday that it is opening up new rates for high loan-to-value (LTV) loans and expanding its non-agency jumbo loan program.[IMAGE]
For all mortgage insurance applications received on or after July 23, Radian is offering both borrower and lender-paid single premium rates for loans with LTVs between 95.01-97.0 percent.[COLUMN_BREAK]
The company is also changing its non-agency jumbo loan program, increasing the maximum loan amount to $850,000 (at 90 percent LTV) at a maximum debt-to-income ratio of 41 percent. This DTI can increase to up to 45 percent for loan amounts up to $650,000 (at 90 percent LTV) or $750,000 (at 85 percent LTV). Loans greater than $650,000 will require six months of reserves. In addition, loans with a 15-year balloon term will be eligible for all non-agency jumbo loan amounts.
Radian also announced that it has enhanced MI Online, the company's web-based mortgage insurance ordering and service system. Users can now set default fields for online applications, speeding up the ordering process. After 12 new application submissions, MI Online will recommend defaults for fields in which the same criteria is consistently entered, helping to reduce data entry.
Radian Guaranty Inc., headquartered in Philadelphia, Pennsylvania, provides private mortgage insurance to protect lenders from default-related losses, help the sale of low down payment mortgages in the secondary market, and enable homebuyers to purchase homes more quickly with down payments lower than 20 percent.