Radian Group Inc.'s (NYSE:RDN) small cap stock rose on Friday after its subsidiary, Radian Guaranty Inc., launched an app the company touts to be the first mobile application to offer insurance rate quotes.
Inman News reports that Radian, a private mortgage insurance and risk management provider, developed the app for the iPhone and iPad, and will allow lenders to enter loan criteria -such as loan-to-value ratio, FICO score, property type and debt-to-income ratio – into the system. This information is then used to generate mortgage insurance rates for various Radian products.
"We know our customers are busy," said Brien McMahon, Radian’s chief franchise officer and head of sales. "That’s why we’re always looking for innovative ways to make doing business with Radian quicker and easier. With the Radian Rates app, our lending partners can access our rates in seconds, wherever they are. Investing in this type of technology further demonstrates our commitment to being the MI partner of choice for lenders."
As of 4:14 p.m. on Friday, September 14, Radian shares were up 3.74 percent to $4.72.