PHILADELPHIA--(BUSINESS WIRE)--Following the most transformative year of digital innovation in the company’s history, Radian Group Inc. (NYSE:RDN) Senior Executive Vice President, Chief Digital Officer and Co-Head of Real Estate Eric Ray predicted that digital innovation in the mortgage and real estate services sectors will continue to accelerate in 2021, driving new and better ways to manage credit risk and execute real estate transactions.
“In so many ways, 2020 was a year of disruption, and we believe 2021 is set to be a year of transformation, powered by technology. Over the course of this year, data, analytics and technology are poised to transform legacy mortgage and real estate business models in even greater ways than we have seen over the past few years. The global pandemic has accelerated the demand and need for digital products and services, and we think it will continue to push our industry to deliver new and better ways to manage credit risk and execute real estate transactions.
“For instance, we expect that artificial intelligence is on the cusp of fundamentally transforming the future of valuing and searching for a home; mortgage insurance pricing continues to evolve dynamically; and the title insurance approval timeline is expected to shrink even further. These advancements will allow lenders to develop deeper engagement with their existing and potential customers at the start of their home buying or selling journeys and create a more personalized experience. At Radian, we are at the forefront of advancing this exciting new future and looking forward to applying these technologies as we serve customers across the housing finance and real estate services ecosystem.”
A new video from Radian provides an overview of some of the company’s recent technology-driven innovations that it plans to continue to build upon in 2021. Those innovations include:
- RADAR® Rates: Leverages Radian’s proprietary modeling to dynamically analyze and customize mortgage insurance pricing. RADAR Rates launched in 2019 and was integrated into Radian’s enhanced Rate Finder tool on the new radian.com website in 2020.
- Radian Ready: Offers unparalleled user experience and automation, powered by next-generation digital technologies and an Artificial Intelligence (AI)-enabled decision engine.
- MyRadian: Provides a simple, modern digital experience for valuations and asset management clients to place, track and manage orders 24/7.
- Radian Home Price Index (HPI): Combines the power of deep data resources, offered by Red Bell, a subsidiary of Radian Group Inc., valuations experience and advanced machine learning techniques to reinvent real estate market intelligence. Clients can use HPI to manage risk, identify opportunities, support real estate transactions and track trends with the industry’s most granular and timely look at housing markets.
- Robotic Process Automation (RPA): Utilizes a series of “bots” to help eliminate time-consuming, critical yet repetitive processes such as reviewing loan applications, sourcing broker price opinions and processing home closings. It enables Radian employees to spend more time on the most interesting, complex aspects of their jobs.
This year the company has already launched a powerful new HPI visualization and analysis tool, which enables users to quickly generate actionable intelligence on U.S. national and local housing market conditions with precision and granularity. Over the course of 2021, Radian’s HPI – already the most comprehensive and timely measure of U.S. housing market prices and conditions – will increasingly leverage computer vision technology to glean even greater insight from data sources like photographs of home interiors.
To preview some of the company’s planned advancements in mortgage services, Radian’s Chief Technology Officer, Mark Wai, will participate in a “Mortgage Disruption Outlook” panel at HousingWire’s Spring Summit on March 4, 2021.
All statements in this press release and the embedded weblinks that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our ability to develop, launch and implement new and innovative technologies and digital solutions is subject to risks and uncertainties, including, without limitation, challenges associated with new and rapidly evolving technologies and business environments, customer acceptance of our digital product and service offerings, the costs associated with the development and launch of these technologies and products, our failure to successfully integrate new technologies into our existing systems and the risk that our digital product and services offerings fail to operate as expected or planned or that expose us to additional cybersecurity or third party risks. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements.
For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2019 Form 10-K, and to subsequent Quarterly Reports on Form 10-Q and other reports filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.
Radian is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to see how Radian is shaping the future of mortgage and real estate services.
Radian HPI is provided by Red Bell Real Estate, LLC, a subsidiary of Radian Group Inc.