A subsidiary of The PMI Group, Walnut Creek, Calif., is teaming up with the Loan Value Group, Rumson, N.J., for an incentive rewards program to make sure insured borrowers continue to make their monthly mortgage payments.
This pilot program is called RH Reward, and according to a statement, is designed to offer underwater borrowers a cash reward for staying current on their mortgage payments. There is no charge for borrowers to participate in the program. It is being offered through a PMI subsidiary called Homeowner Reward Co.
PMI Mortgage Insurance Co. continues "to seek creative and effective loss mitigation strategies," said its senior vice president of servicing operations and loss management Chris Hovey. "The interests of PMI are uniquely aligned with those of homeowners. PMI is especially supportive of homeownership retention efforts in states that are facing unprecedented housing challenges."
