Radian Group, based in Wayne, plans to lay off around 50 employees as it shuts down its mortgage conduit business, writes Jeff Blumenthal for the Philadelphia Business Journal.
Strategic options for the mortgage insurer’s title and real estate services units will also remain under consideration.
“We are actively exploring opportunities for affected employees both within Radian and across the industry,” said Radian spokeswoman Rashi Iyer.
Iyer noted that only a small number of the affected employees are based in the Philadelphia region. Those whose roles are eliminated will receive severance packages, continued health benefits, and outplacement support.
The leadership team of the mortgage conduit business has developed key partnerships throughout the mortgage and capital markets industry, “and we are committed to leveraging those connections across the industry to help employees affected by this wind down, where possible,” said Iyer.
The 50 employees being cut represent around four percent of the company’s 1,150-person workforce.
Radian Mortgage Capital, the company’s mortgage conduit business, purchases mortgages on the secondary market and then either sells them to investors or packages them for sale as securities.
Read more about Radian Group winding down its mortgage conduit business and affected employees in the Philadelphia Business Journal.
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