Radian Plans to Accelerate Digital Transformation Across the Mortgage and Real Estate Marketplace in 2021
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.