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Refund Calculator for Cancellation
This tool provides an easy and effective way to calculate the percent of premium
refunded as well as the refund amount of short rate cancellation.
Refund Information
* To view the annual refund amount please select from the radio buttons above
and enter your refund information.
Premium Refund Policy
The unearned portion of a refundable annual or single premium will be refunded
if coverage is cancelled by the lender. Check the commitment/certificate or a
Radian rate card to determine if the premium plan is nonrefundable on
lender-paid accounts.
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Refunds for 25-year and 30-year refundable single premiums are based on a
15-year short rate cancellation schedule.
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Refunds for 15-year refundable single premiums are based on a 5-year short rate
cancellation schedule.
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Refunds for annuals are based on a 365-day short rate cancellation schedule.
Coverage will remain in effect until the loan reaches 78% of the original
value.
Requesting a Refund
Lenders may notify Radian of cancellation in one of the following ways:
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Access Radian MI Online to process a cancellation from your desktop PC. This
online system provides instant access to mortgage insurance information and
service functions you need immediately. Please call the Customer Service
Department at 1-877-Radian1 to obtain your personal user ID and password.
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Complete a Radian Cancellation Form (RAF093), or your company cancellation
request form, and mail it to Radian's Customer Service Department, 1601 Market Street Philadelphia, PA 19103. Refunds may also be faxed to
1-888-262-2329. Radian will determine the proper amount of the refund, and
issue a refund check made payable to the servicer of record, the borrower, or
both, as indicated by the servicer.
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EDI x 12-266 transactions allow lenders to electronically transmit to Radian
their requests to cancel insurance.
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