Servicing/Default
Prommis and Radian Partner to Save Homes
By
JON PRIOR
July 1, 2009 12:13 PM CST
Two mortgage solutions providers, loss mitigator Prommis Solutions and insurer Radian Group (RDN: 5.07 -3.98%), are pairing up to save homeowners in jeopardy of foreclosure.
In May, Prommis reached 4,600 homeowners with mortgages insured by Radian, and utilizing loan modifications and forbearance plans — a tool designed to usher payments into current by making full payments each month with a smaller deposit on delinquent amounts — the duo expects to save thousands of homes over the next several years.
Prommis, an outsourcing provider for law firms and trustees, also offers loss mitigation services to lenders, investors and insurers. Their operations merge with the private mortgage insurance and related risk-management services Radian offers to lenders.
Prommis gets borrowers and lenders talking — through mailings, calls and follow-ups — in order to better inform struggling homeowners of Radian mortgage restructuring services, in conjunction with the Obama administration’s Homeowner Affordability and Stability Plan.
Write to Jon Prior.
Print This Article
recent stories by department
Origination/Lending
Secondary Market/Investors
Get your HW Fix
Join nearly 10,000 bold subscribers who already get our daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2009 Dec 09 -- 2009 Dec 10
RMBS: Assessing Value and Risk
This two-day course in New York City will equip market participants with the knowledge and skills to evaluate prime, Alt-A and subprime RMBS portfolios in order to assess their value and understand inherent risks. For more information, visit www.fitchratings.com.
2010 Jan 13 -- 2010 Jan 14
2010 Collection Technology Summit
The Collection Technology Summit is the first industry event to focus solely on collections and its associated technologies and continues to draw top executives from the nation's most prominent institutions. The Collection Technology Summit, where innovation happens. For more information, visit www.collectiontechnology.net
