PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. today announced two executive appointments. Derek Brummer has been promoted to senior executive vice president, Mortgage Insurance and Risk Services and Eric R. Ray has been appointed senior executive vice president, Technology and Transaction Services.
“As we position our company for the future, I believe that expanding Derek’s role and welcoming Eric to the Radian team will help drive our success. We have an established leadership position with our large, high-quality mortgage insurance portfolio and have made tremendous progress in refocusing our Mortgage and Real Estate Services businesses,” said Chief Executive Officer Rick Thornberry. “With Derek’s continued leadership and outstanding credit risk discipline, and Eric’s proven expertise in transforming businesses and enabling best-in-class technologies, I am confident we have the right team in place to shape our future, support our customers and deliver even greater shareholder value.”
Derek Brummer Promoted to Lead Mortgage Insurance and Risk Services
Brummer, 47, has been promoted to the newly created position of senior executive vice president, Mortgage Insurance and Risk Services. In this role, he will continue to be responsible for credit risk management strategy and policy, while also leading Radian’s Mortgage Insurance and Risk Services business and the team responsible for all mortgage insurance, credit risk products and operations. His primary focus will be to grow the value of Radian’s high-quality mortgage insurance portfolio and to expand and evolve the company’s credit risk products and services.
Brummer joined Radian in 2002 and has served as Radian’s chief risk officer since 2013. Prior to that, he was chief risk officer and general counsel for Radian’s financial guaranty company. Prior to joining Radian, Brummer was a corporate associate at Allen & Overy as well as Cravath, Swaine & Moore, both in New York. He holds a bachelor’s degree from the University of Nebraska at Lincoln and a J.D. from New York University School of Law.
Eric Ray Appointed Head of Technology and Transaction Services
Ray, 56, has been appointed senior executive vice president, Technology and Transaction Services. In this newly created role, Ray will drive the strategic transformation of Radian’s Mortgage and Real Estate Services businesses, while providing the overall vision, strategy and leadership for Radian’s information technology functions enterprise-wide.
Ray has more than 30 years of experience in the technology sector. Most recently, he served as general manager, Global Technology Services at IBM Corporation where he was responsible for the IBM North American technology consulting business, project based services and enterprise-wide technology offerings. Ray holds a bachelor’s degree from Michigan State University and an MBA from the University of Detroit.
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance, risk management products and real estate services to financial institutions. Radian offers products and services through two business segments:
- Mortgage Insurance, through its principal mortgage insurance subsidiary Radian Guaranty Inc. This private mortgage insurance helps protect lenders from default-related losses, facilitates the sale of low-downpayment mortgages in the secondary market and enables homebuyers to purchase homes more quickly with downpayments less than 20%.
- Mortgage and Real Estate Services, through its principal services subsidiary Clayton, as well as Green River Capital, Red Bell Real Estate and ValuAmerica. These solutions include information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.
Additional information may be found at www.radian.biz.