Prommis and Radian Partner to Save Homes
Two mortgage solutions providers, loss mitigator Prommis Solutions and insurer Radian Group (RDN), 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.