Radian to Appeal California Order Against Radian Lien Protection

June 21, 2002

PHILADELPHIA,  /PRNewswire-FirstCall/ -- Radian Guaranty Inc plans to appeal an order from the California Department of Insurance (CDI) requiring that it discontinue the sale of Radian Lien Protection, the company's alternative to title insurance.

The CDI order states that Radian Lien Protection is title insurance, which Radian is not authorized to transact in California.

"We respectfully disagree with the California Department's assessment and are requesting a hearing to appeal this order," stated Roy J. Kasmar, Radian's president and chief operating officer. "We look forward to the opportunity to demonstrate once and for all that Radian Lien Protection is not title insurance, but rather a mortgage insurance policy, substantially identical to those that Radian and its competitors have been issuing for almost two decades. We expect that this hearing will vindicate our product and allow it to achieve the marketplace acceptance it deserves."

Source: Radian Guaranty Inc.


Contact ALTA at 202-296-3671 or communications@alta.org.

SoftPro is the nation's leading provider of closing and title software, consistently pushing the technological envelope to pioneer the most powerful and comprehensive closing and title automation software on the market. SoftPro's Award-Winning Software combines cutting-edge technology with outstanding support to make your business more productive, efficient and boost your revenue. North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.