In a dispatch to clients, Radian commented, "While unavoidable forms of additional documentation used to certify assets and income are appropriate. Stated income.

Radian Guaranty Inc., the earliest mortgage bond subsidiary of Radian Group Inc., says that mortgages originated under stated-income and stated-asset programs will no longer be fit for mortgage insurance. In a word to clients, Radian commented, "While unarguable forms of substitute documentation second-hand to back up assets and gain are apropos with a disciplined underwriting process, the stated programs will no longer be insurable as a fruit of ill-starred performance.

" This modulation will take effect on April 30 for all supplemental mortgage cover applications. The company adds that as announced earlier this month, revisions to existing underwriting guidelines and pricing policies will put clout on March 31. These significant changes depict a kind of adjustments to loan-to-value, documentation and FICO requirements, and are part company of an constant alter at Radian to respond lickety-split to market conditions. In combining to guideline changes, updated declining markets territories have also been posted to the Radian Web site.

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