Increased market demand for digital products and services drives wind down of traditional appraisal business
PHILADELPHIA--(BUSINESS WIRE)--$RDN--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.”
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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For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2019 Form 10-K, and to subsequent Quarterly Reports on Form 10-Q and other reports filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.
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