Radian Guaranty formally rolled out its version of "black box" private mortgage insurance policy pricing, joining four of its competitors offering this methodology.
This is a change from one year ago, when just
Radar Rates will be available starting on Jan. 21 through the company's app as well as through most product and pricing engines and loan origination system interfaces.
Published rate card pricing is still available, "providing options based on a lender's loan origination process," Derek Brummer, Radian senior executive vice president of mortgage insurance and risk services, said in a press release. "Our goal is to offer competitive pricing that helps our customers grow their business, while also ensuring an appropriate risk-adjusted return for Radian."
Essent Guaranty is making its new black box pricing engine available to originators on Jan. 21, it previously announced.
"EssentEdge aligns with our lender customers' increasing focus on enhancing their front end and best execution technologies," Mark Casale, chairman and CEO, said in a press release. "Additionally, as managers of long-tail mortgage credit risk, EssentEdge is another tool that enables us to shape our portfolio to our desired risk and return profile."
Genworth announced in November it joined Arch and
"As we listen and talk to our customers, they all have unique and specific needs to accomplish their business strategies as it relates to our products. And so we're really positioning to keep our capabilities flexible and somewhat customizable to the customer based upon their needs versus us trying to force a one-size-fits-all solution on them," Radian CEO Rick Thornberry said in an interview at that time.
MGIC was not definitive about a time frame for black box adoption during the third-quarter 2018 earnings call with analysts. The industry was moving in the direction of black box and a broad market adoption was a 2019 event, CEO Patrick Sinks said in prepared remarks during the call.
