PHILADELPHIA – Radian Guaranty said Friday it has agreed to provide private mortgage insurance in the self-adjusting HarmonyLoan mortgage provided by several credit unions through Mortgage Harmony Corp.
HarmonyLoans allow a borrower to adjust the interest rate on their loan without the need for a traditional rate-term refinance. When there is at least a 25 basis point reduction in their mortgage market rate, the homebuyer can reset their mortgage rate with just one click on a personalized, secure, web-based site without the expense and hassle of a traditional refinance.
CMG Mortgage Insurance Co., an affiliate of CUNA Mutual Group, is also providing PMI for the HarmonyLoan mortgages.
Among the credit unions offering HarmonyLoans are HEW FCU, Money One FCU, Fairfax County FCU and Agricultural FCU.