Radian Reinforces Strategic Focus on Core Real Estate Business
Radian Group Inc. (NYSE: RDN) is shutting down its traditional appraisal services to focus on digital solutions in the mortgage and real estate sector. The decision aligns with rising market demand for technology-driven services. Radian plans to assist current customers during the transition period. The company continues to invest in its digital valuation services, leveraging AI and machine learning to enhance its offerings. CEO Rick Thornberry emphasized a commitment to evolving customer needs and high-growth products in the valuation portfolio.
- Shift towards digital valuation services aligns with market demand.
- Investment in AI and machine learning to improve valuation accuracy.
- Plans to assist current customers during appraisal service transition.
- Winding down traditional appraisal services may reduce service variety.
- Potential loss of revenue from discontinuing traditional services.
PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN), today reinforced its strategic focus on its core mortgage and real estate businesses, driven by digital products and services. Consistent with increased market demand for technology-driven solutions, Radian announced the wind down of its traditional appraisal business, which offers residential real estate appraisal services through a panel of independent contractor appraisers. Radian will support existing customers using these traditional appraisal products over the coming months in order to assist in an orderly transition.
Radian continues to invest in and offer its market-leading digital valuation services through its family of real estate companies. The company’s automated valuation products and services are delivered through its proprietary technology platforms to lenders, servicers, investors, and real estate agents. Utilizing Artificial Intelligence (AI), machine learning and computer vision skills, Radian draws on a database of nearly two billion real estate images to develop micro market insights, including refined property condition and characteristics, to more accurately and quickly evaluate the value of residential real estate across the country.
Radian’s suite of valuation services includes hybrid appraisal solutions that are designed to reduce cost and drive faster turn times without compromising quality. These services, offered through Radian’s Red Bell Real Estate, LLC subsidiary, utilize technology, a comprehensive quality control process and an appraiser review, and include Amplified Appraisal Reports, Appraiser Reconciled BPOs, Restricted Appraisal Reports and Valuation Risk Reviews.
“We remain strategically focused on our core mortgage and real estate capabilities, and our commitment to serving the evolving needs of our customers which are increasingly technology driven. While our traditional appraisal services no longer align with our digital business strategy, we remain committed to the higher growth products in our valuation services portfolio,” said Chief Executive Officer Rick Thornberry. “In today’s environment, the market demand for digital solutions is greater than ever before. The future of Radian is built on delivering high-quality products and services through best-in-class technology, data and analytics, in order to make it easier for our customers to do business.”
About Radian
Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.
Red Bell Real Estate, LLC and its wholly owned subsidiaries hold real estate licenses in every state and the District of Columbia. Corporate headquarters are located at 7730 South Union Park Avenue, Suite 400, Midvale, UT 84047. Redbellre.com | 877.707.1415
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