Derek Brummer has been promoted to the newly created position of senior executive vice president, mortgage insurance and risk services, at private mortgage insurance firm Radian.
In addition, Eric Ray has been appointed senior executive vice president, technology and transaction services.
Brummer joined Radian in 2002 and has served as the firm’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.
In his new role, Brummer 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.
Ray has more than 30 years of experience in the technology sector. Most recently, he served as general manager, global technology services at IBM Corp., where he was responsible for the IBM North American technology consulting business, project based services and enterprise-wide technology offerings.
In his 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.