PHILADELPHIA--(BUSINESS WIRE)--Radian Guaranty Inc., the private mortgage insurance (MI) subsidiary of Radian Group Inc., today announced the two-year extension of its exclusive partnership with the Asian Real Estate Association of America (AREAA), a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American/Pacific Islander (AAPI) communities. Radian first partnered with AREAA in 2015 for an exclusive two-year term and on the basis of that successful relationship, both organizations decided to renew their ties through December 2018. According to the terms of the renewed agreement, Radian will continue to work with AREAA to create broader lending options for AAPI consumers, including the Association’s 15,000 + members, by supporting the Association’s policy agenda, regional growth strategy and member education initiatives.
“Radian and AREAA have made impressive inroads toward advancing the policy goals and housing market education of the AAPI community, and we are pleased that our partnership has helped contribute to the growth of AREAA’s membership by more than 1,000 professionals,” said Brien McMahon, Radian’s chief franchise officer. “Looking ahead through to the end of 2018, we look forward to helping expand AREAA’s reach across the country’s main markets and contributing to continued member education about new developments in MI, smart ways to leverage MI and the various mortgage options available. Our partnership also will position us to help AREAA’s policy goals such as its “Millennial Program” aimed at assisting those between 18–34 years of age achieve homeownership, and its legislative agenda, which includes advocating for deeper cover MI, modern credit scoring models and the MI tax deduction.”
According to the 2015 Home Mortgage Disclosure Act (HMDA) report, the AAPI community represented the largest minority users of conventional conforming products in terms of dollar amounts as well as units. The AAPI community is also the fastest growing segment of the US population, and is projected to remain so through the year 2050. As this fast-growing community works toward achieving an ever greater stake in the American dream of homeownership, Radian offers the tools, training, and advocacy support to help them make the best, most informed mortgage decisions.
Radian and AREAA plan to further collaborate on the Association’s regional strategy into a number of markets across the country. The partnership will also advance educational training through Radian’s webinar series, continue to advance AREAA’s policy agenda, and lend support to AREAA’s Millennial Program.
“AREAA is proud to extend our partnership with Radian as our exclusive mortgage insurance partner through December 2018,” commented 2017 AREAA National President Angie Lee. “Many Asian Americans mistakenly believe that you need to have 20 % downpayment to finance a home. This concept delays homeownership and slows down wealth creation in our community. AREAA is excited to work with Radian to educate our community about ways to responsibly make homeownership a reality today and build wealth for our future.”
Radian Group Inc. (NYSE:RDN), headquartered in Philadelphia, provides private mortgage insurance, risk management products and real estate services to financial institutions. Radian offers products and services through two business segments:
- Mortgage Insurance, through its principal mortgage insurance subsidiary Radian Guaranty Inc. This private mortgage insurance protects lenders from default-related losses, facilitates the sale of low-downpayment mortgages in the secondary market and enables homebuyers to purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate Services, through its principal services subsidiary Clayton Holdings LLC, as well as Green River Capital and Red Bell Real Estate. These solutions include information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.
Additional information may be found at www.radian.biz.
Founded in 2003, AREAA is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities by creating a powerful national voice for housing and real estate professionals that serve this dynamic market.
AREAA will accomplish these goals by:
- Creating a powerful national voice for housing and real estate professionals that serve this dynamic market
- Advocating for policy positions at the national level that will reduce barriers to homeownership for the AAPI community
- Increasing business opportunities for mortgage and real estate professionals that serve this growing community
- Hosting National and Local events to educate and inform members about housing issues and developments affecting the AAPI community
- Conducting trade missions throughout Asia to develop business partnerships and increase brand awareness
AREAA’s membership represents a vast array of cultural, ethnic, and professional backgrounds. AREAA is open to anyone and everyone who works with, or seeks to work with, the AAPI community. With over 15,000 members in 35 chapters across the US and Canada, AREAA is the largest Asian organization in North America.