Cloud Technology helps Mortgage Insurance Provider Transform their Business
Radian Group Inc., headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. Radian’s core business provides private mortgage insurance to protect lenders from default-related losses, facilitate the sale of low-down payment mortgages in the secondary market and enable homebuyers to purchase homes more quickly with down payments less than 20%. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages, and facilitating the sale of low-down payment mortgages in the secondary market. Additional information may be found at www.radian.biz.
Radian’s Cloud Story
Every system within Radian required accurate and latest mortgage information to assess risk and perform business operations. Each system was maintaining individual copies of same mortgage information, creating inaccuracies and inefficiencies through the flow of Mortgage Insurance processing lifecycle. A similar challenge also existed in the Mortgage industry with different entities and partners accessing information through the flow of Mortgage credit. The sheer physical amount of shared mortgage information and the complex interactions between customers internal and external to Radian exceed the agility, capacity, and capabilities of traditional on-premise technologies. To combat this, Radian made the decision to develop a centralized platform for customers to utilize without the need to manage or synchronize information against numerous systems and also decided to adopt Cloud Computing, with its ability to scale compute and storage capacity, to increase innovation, reduce the manual intervention needed to process information, improve the agility in offering their services, and reduce cost.
Why Radian Chose REAN Cloud and AWS
Radian chose REAN Cloud as their cloud computing consulting partner in their modernization initiative to take advantage of the on-demand and elastic infrastructure offered by Amazon Web Services (AWS). REAN Cloud had demonstrated expertise in assisting Radian in translating the business problem into a viable technical workflow solution. This initiative modernized the way information is managed to improve agility and innovation. REAN Cloud worked closely with Radian to architect and build a platform that runs entirely on AWS, and leverages a large portfolio of AWS services, including popular services such as Amazon EC2, S3, and DynamoDB, to help automate the end-to-end process.
Here’s how it works in a nutshell:
Internal and external Line of Business (LOB) applications interact with the platform by first getting a token from a custom Token Vending Machine (TVM) to encrypt and ingest the information with tokenized PII values and files, directly to Amazon S3. An Amazon Simple Workflow (SWF) service is kicked off to automatically ingest, organize and populate various data stores, such as Amazon DynamoDB for workflow metadata, Amazon Relational Database Service (RDS) to record transactions, and to daily Operating Data Store for reporting and analytical functions. The platform leverages all of the built-in security features offered by AWS (e.g. Amazon Elastic Block Store (EBS) and S3 encryption and, Amazon Key Management Service), along with third party solutions for above-the-hypervisor controls, such as Sophos UTM, to meet the stringent security needs of the customer’s business partners.
Though modernization is a multi-year effort, the customer leadership team and AWS have given REAN Cloud a big thumbs up for the accomplishments to date. The initiative began as a Go/No-Go decision after a six-month period from start, due to the scale of the problem and uncertainty in the maturity of the technology from a capability and security perspective. REAN Cloud was not only able to provide confidence that the customer’s goals were achievable, but also helped the customer reduce the time to market in being able to offer some strategic products. REAN Cloud consultants and solutions architects recommended best practices to the customer, especially when it comes to security, and went the extra mile to ensure the architecture is customized to meet their security needs. REAN cloud participated in design discussions around a custom secure vault solution on-premise to tokenize PII information in the ingested form before landing in AWS S3. We collaborated to build an elastic, secure, and compliant processing framework on AWS using DynamoDB,
If you are considering how to move financial services applications into the cloud, please contact us at firstname.lastname@example.org. Please visit REAN Cloud at www.reancloud.com to learn how REAN Cloud can help you make a successful transition into the cloud while increasing your security and IT management posture and reducing overall total cost. EC2, Simple Workflow, IAM, STS, and S3 to accelerate the mortgage insurance processing pipeline and reducing the decision-making time. REAN Cloud also helped Radian in building Micro-Services architecture to significantly scale the -processing pipeline and to seamlessly manage volume during peak load.
About REAN Cloud
REAN Cloud, a Premier Consulting Partner in the Amazon Web Services (AWS) Partner Network (APN) and AWS Managed Services Partner, is a cloud-native firm with deep experience in supporting enterprise IT infrastructures and implementing continuous integration, continuous delivery pipelines. With its headquarters at Herndon, VA, the company has implemented complex and highly scalable architectures which support secure, compliant operations in highly regulated industries such as the Financial Services, Healthcare/Life Sciences, Education, and Public Sector verticals. The company’s team has extensive AWS expertise and DevOps experience that ensures quick, secure and reliable launch of clients’ solutions with no capital investments needed to procure hardware or services. The REAN Cloud team has worked with global organizations including Radian, Ditech Mortgage, Ellucian, Sentient Energy, and the American Heart Association (AHA). REAN Cloud solutions are bundled with advanced security features to help address clients’ compliance needs.