Radian Guaranty, the mortgage insurance subsidiary of Radian Group Inc., has established the Servicer Advocacy Group, a new program that will assist servicers in creating flexible solutions that will help distressed homeowners remain in their homes.
‘The number one goal of this program is to help keep more homeowners in their homes, [which is] especially important during this turbulent time," says Cam Melchiorre, senior vice president, Loss management for Radian Guaranty. "We will work closely with mortgage servicers to make sure they have access to a wide range of products and services that can help homeowners who are struggling."
Melchiorre adds that Radian, as a mortgage insurer, has a vested interest in home retention.
"By applying a structured regional approach to the unique real estate needs of affected communities, we look forward to a win-win-win solution that benefits homeowners as well as servicers and Radian," he says.
The Servicer Advocacy Group will be organized into three regions – Western, Eastern and Central. Each region will be led by a vice president of Servicer Advocacy: The Western region will be run by Liz Johnson, the Eastern region will be managed by Chris Wagner, and Connie Childs will oversee the Central region.Â
The regions will be supported by regional servicer advocacy representatives who will work directly with servicers to implement a custom-designed Servicer Solution Set – a set of loss mitigation tools designed to meet each servicer's specific needs.
The solution set will include Radian's default solution, FastAdvance, which provides partial claims advances; services offered by the Consumer Credit Counseling Service of Delaware Valley, a nonprofit counseling group; on-site loss mitigation representatives; and loss management sponsored servicer training, which provides a servicer's employees with loss mit, negotiations and workout program training.