Radian Guaranty Inc. has rolled out a Google Android version of its free mortgage insurance rate mobile application — previously available for iOS devices — making rate quotes available to nearly 90 percent of smartphone users.
Radian Guaranty Inc., a private mortgage insurance and risk management provider, is a Philadelphia-based subsidiary of Radian Group Inc.
The move comes four months after the launch of what the company said was the first mobile app to offer mortgage insurance rate quotes, Radian Rates, available in the Apple App Store for the iPhone and iPad.
The apps are mobile versions of the company’s existing online rate finder, which allows lenders to input loan criteria such as loan-to-value ratio, FICO score, property type and debt-to-income ratio. The apps then return mortgage insurance rates for several different types of Radian products.
"We developed Radian Rates as another way to make it quicker and easier for our lending partners to do business with us," said Brien McMahon, Radian’s chief franchise officer and head of sales, in a statement.
"Based on the positive feedback from our App Store release, we wanted to expedite a version for Android to ensure we were providing all of our customers with the ability to access our rates in seconds on their smartphone, wherever they are, to better accommodate their busy schedules."
Earlier this month, comScore reported that 53.7 percent of smartphone owners used the Android platform as of the end of November. Just over a third, 35 percent, used Apple’s iPhone platform, and 7.3 percent used Research in Motion’s BlackBerry platform.
In November, Radian announced its mortgage insurance offerings had been integrated into a loan origination system from mortgage and consumer lending technology company Mortgagebot.