Radian Guaranty has launched FastAdvance, a new program that provides partial claims advances that allow residential mortgage servicers to assist distressed borrowers by modifying the terms of a loan or by structuring a customized repayment plan.
Radian Guaranty has also announced a partnership with Consumer Credit Counseling Service of Delaware Valley (CCCS) that will provide education, customized assistance, and a method of direct communication between borrowers and servicers using the Radian FastAdvance program.
The company noted that the current economic environment has created a significant number of loan defaults and that loan servicers are currently attempting to manage these cases by providing more options to help people remain in their homes.
Since there is no single solution that will help every borrower, Radian is advancing funds to servicers so they can take the specific action required to keep borrowers in their homes rather than proceeding with a stressful and costly foreclosure process.
In addition to FastAdvance, Radian Guaranty’s partnership with CCCS provides borrowers access to third-parties that can assist them in sorting through all of their options.
Paul Fischer, executive vice president of loss management business at Radian Guaranty, said: The combination of the Radian FastAdvance program and the partnership with the CCCS is a sign of progress in helping borrowers and servicers navigate what has been a very difficult market environment. Having a independent counseling organization available will give individual borrowers the confidence to work through their situation.