Radian Group Inc. (NYSE:RDN) Enters into Amendment to Master Repurchase Agreement with JPMorgan

Radian Group Inc., a financial services company based in Wayne, Pennsylvania, made public a significant development on December 13, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The company’s subsidiary, Radian Mortgage Capital LLC (RMC), had entered into an Uncommitted Master Repurchase Agreement with JPMorgan Chase Bank, National Association to finance the acquisition of mortgage loans and related assets. As part of this agreement, Radian Group Inc. had also provided a Parent Guaranty to support RMC’s obligations.

In a recent milestone, RMC, Radian Group Inc., and JPMorgan executed Amendment No. 1 to the JP Morgan Master Repurchase Agreement. This amendment extends the termination date of the agreement from January 27, 2025, to December 12, 2025. Additionally, it increases the size of the financing facility to $300 million from $125 million, incorporating other minor modifications to the initial terms.

The amendment reaffirms Radian Group Inc.’s commitments under the Parent Guaranty. Importantly, the core terms of the JP Morgan Master Repurchase Agreement and the Parent Guaranty remain intact, except for the specified adjustments mentioned above.

The details of the JPMorgan MRA Amendment No. 1 can be accessed in Exhibit 10.1 of the current SEC filing, providing a comprehensive understanding of the revised agreement.

This update falls under Item 1.01 of the 8-K disclosure, relating to the entry into a material definitive agreement and also under Item 2.03 regarding the creation of a direct financial obligation or an off-balance sheet arrangement.

In compliance with reporting requirements, the company disclosed the filing of the Amendment No. 1 and a Cover Page Interactive Data File as Exhibit 104.

Regarding signatures, the document was officially signed on behalf of Radian Group Inc. by Liane Browne, the Senior Vice President, on December 18, 2024.

Investors and stakeholders are advised to refer to the complete 8-K filing on the SEC’s website for detailed information. The latest developments signify Radian Group Inc.’s commitment to strategic financial agreements aimed at furthering its operational objectives and bolstering financial capabilities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Radian Group’s 8K filing here.

Radian Group Company Profile

Radian Group Inc, together with its subsidiaries, engages in the mortgage and real estate services business in the United States. It operates through two segments, Mortgage Insurance and Homegenius segments. The Mortgage Insurance segment aggregates, manages, and distributes U.S. mortgage credit risk for mortgage lending institutions and mortgage credit investors, through private mortgage insurance on residential first-lien mortgage loans; and other credit risk management solutions, including contract underwriting.