Mortgage and real estate services provider Radian Group (RDN) has launched a direct-to-consumer service, titlegenius, that is built on blockchain technology. It provides a transparent and secure mechanism for ordering title insurance and closing services online.
Radian plans to expand the service to more states in the coming months. The company plans to introduce more services to the market under the ‘genius’ branding.
Senior executive vice-president of Radian Brien McMahon said, “The new service gives homebuyers control over the closing process through a fully digital experience that removes uncertainty, ensures timely communication, is competitively priced, and lightens the financial burden on borrowers.” (See Radian stock analysis on TipRanks)
Recently, B. Riley Financial analyst Randy Binner reiterated a Buy rating on the stock and increased the price target to $27 (19% upside potential) from $25.
Binner foresees a continued expansion in multiples for mortgage insurers and also highlights a constructive stance from regulators.
Based on 2 Buys and 1 Hold, consensus among analysts is a Moderate Buy. The RDN average analyst price target of $26.67 implies 17.6% upside potential.
Shares have gained about 50% over the past year.
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