Press Release: USMI Names Radian’s President Of Mortgage Derek Brummer as Chairman
WASHINGTON — U.S. Mortgage Insurers (USMI) today announced that Derek Brummer will serve as the association’s new Chairman of the Board. Brummer is the President of Mortgage at Radian Group Inc. (NYSE: RDN). He succeeds Bradley Shuster, Executive Chairman of NMI Holdings, Inc. (Nasdaq: NMIH). Brummer’s appointment comes at a significant time as the Administration continues to take steps to reshape the government sponsored enterprises (GSEs), and the housing finance system responds to the current economic environment and the needs of homeownership during the novel coronavirus (COVID-19).
“For more than 60 years, the MI industry has helped American families become homeowners and has stood in front of mortgage credit risk that the government and taxpayers may otherwise have to bear. As sophisticated managers of mortgage credit risk and sources of dedicated private capital, MI companies serve a critical role in the U.S. housing finance system. As USMI’s Chairman, I look forward to ensuring the industry remains well-positioned to serve as an important source of strength for the housing finance system during all market cycles, so consumers continue to have access to affordable, low down payment, conventional mortgages,” said Brummer. “Over the last several years, more than 80 percent of first-time homebuyers have used low down payment mortgages. Today, these loans backed by private MI are more important than ever to enable borrowers to keep more cash on-hand, enabling those borrowers to purchase homes sooner than they otherwise could and begin to build the long-term wealth and stability that can come with homeownership.”
Brummer previously served as USMI’s Board Vice Chair. He was named Radian Group Inc.’s President of Mortgage in February and brings extensive experience in the housing industry to USMI’s chairmanship. Brummer joined Radian in 2002, serving as Chief Risk Officer since 2013 and as head of Mortgage Insurance and Risk Services since 2018. Prior to that, he was Chief Risk Officer and General Counsel for Radian’s financial guaranty company. Before joining Radian, Brummer was a corporate associate at Allen & Overy LLP as well as Cravath, Swaine & Moore LLP in New York.
“Derek’s experience and leadership in the mortgage insurance industry are invaluable assets to our industry association. We are excited to welcome and work with him as USMI’s new Chairman,” said Lindsey Johnson, President of USMI. “I want to also offer my deep gratitude to Bradley Shuster for his dedication and commitment to USMI as Chairman for the past two years. We greatly appreciate Brad’s efforts, which have been critical to the industry, and we value his continued role on our board of directors.”
Mark Casale, who is the President and CEO of Essent Guaranty, will take over as Vice Chairman of the Board of USMI, and Rohit Gupta, President and CEO of Genworth MI, will serve as USMI’s Treasurer and Secretary of the Board.
U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.