Radian Guaranty, the mortgage insurance subsidiary of Radian Group (RDN), is offering a new program that’s the first of its kind in the industry – job loss insurance.

Radian’s new program, called Radian MortgageAssure, will pay a borrower’s mortgage if they suffer an involuntary job loss and fall behind on their mortgage payments. Plus the program will be automatically provided to certain borrowers with no additional cost to the borrower.

According to Radian, the program is designed to “provide homeowners peace of mind” after an involuntary job loss. Radian notes that the program has dual benefits, for both the borrower and the lender, because the program reduces the risk of job loss-related late or missed mortgage payments, while offering lenders further protection against default.

Radian said that its new MortgageAssure program is the only program of its kind currently offered by a mortgage insurer and will be offered exclusively to Radian's lending partners.

Under the program, if a participating homeowner falls behind on their mortgage payments due to an involuntary job loss and meets the conditions of the program, Radian MortgageAssure will provide up to six monthly mortgage payments, with a maximum monthly benefit of up to $1,500, or total protection of $9,000 during the two-year coverage period.

"At Radian, we are continually innovating to help Americans realize the dream of affordable, sustainable homeownership," said Brien McMahon, chief franchise officer, Radian. "As the spring buying season begins, we are pleased to be able to offer a new level of protection - at no additional cost - that is designed to provide peace of mind to those interested in purchasing a home."

According to Radian, this added benefit is automatically provided on Radian-insured loans for primary, owner-occupied, single-family homes with loan-to-value ratios between 95.01% and 97%.

Radian MortgageAssure will be effective for mortgage insurance applications received on or after May 1, 2015, and coverage will begin on the day the loan closes, Radian said.

“With Radian MortgageAssure, we are not only offering homeowners the comfort of getting back on their feet, but also making it easier for lenders to approve new loans in uncertain economic times," said Teresa Bryce Bazemore, president of Radian Guaranty. "It is a win-win for everyone working to further the American dream of sustainable homeownership."