Radian Guaranty, a mortgage insurance subsidiary of Radian Group, has announced that mortgages originated under stated income and stated asset programs will no longer be eligible for mortgage insurance.
This change will take effect on April 30, 2008 for all new mortgage insurance applications. Revisions to existing underwriting guidelines and pricing policies will take effect on March 31, 2008.
Dave Applegate, president of Radian Guaranty, said: These changes reflect the current market conditions and a commitment to our business partners and shareholders to write new business that will allow homebuyers appropriate and affordable alternatives.