NCRC Backing Radian Title Alternative

The National Community Reinvestment Coalition is backing Radian Lien Protection as a low-cost alternative to traditional title insurance, and the coalition is urging the California insurance commissioner not to ban the sale of the product."We strongly urge the insurance commissioner to act in the best interest of the American people by allowing this cost-effective alternative to title insurance to be sold in California," NCRC president John Taylor said. The California commissioner halted the sale of RLP on June 20, which forced its sponsor, Radian Guaranty, a Philadelphia- based mortgage insurance company, to stop sales nationwide. Radian appealed the commissioner's decision, and an administrative judge is expected to rule in the case by early next year. Radian estimates that its lien protection product, which insures lenders from losses caused by undisclosed liens, could save $395 million a year for California homeowners who are refinancing or taking out a second mortgage.