Brian Montgomery
RADIAN GROUPAbout Brian D. Montgomery
Independent director of Radian Group Inc. (RDN), age 68, serving on the Board since May 2012 (rejoined in June 2021 after federal service), with deep U.S. housing policy and mortgage finance regulatory expertise from two stints as FHA Commissioner and service as HUD Deputy Secretary. He holds the CERT Certificate in Cyber Security Oversight (Carnegie Mellon SEI/NACD, April 2023) and is currently a partner at Gate House Strategies, LLC, advising on housing finance and related areas .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| U.S. Department of Housing and Urban Development (HUD) | Deputy Secretary of HUD | Through Jan 2021 | Led departmental operations; extensive regulatory oversight across housing finance |
| Federal Housing Administration (FHA) | FHA Commissioner | 2005–2009; 2018–2020 | Twice Senate-confirmed; deep FHA program oversight during varied market cycles |
| Gate House Strategies, LLC | Partner, Co-founder | Since May 2021 | Advisory firm focused on housing finance compliance, technology, strategy; contributes policy/regulatory insight |
| The Collingwood Group, LLC | Vice Chairman and executive roles | 2009–2017 | Consulting on mortgage market strategy and compliance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| The Mortgage Collaborative | Board Member | Current | Independent network of mortgage lending institutions |
| AISLE Institute | Advisory Board Member | Current | Forum for creditors’ rights executives; governance/oversight contribution |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Independent under NYSE and SEC rules; Board determined no material relationships affecting independence (CEO is the only non-independent director) |
| Board/Committee Attendance | Each director participated in at least 75% of Board and committee meetings in 2024; Board held five regular meetings and one special meeting; annual meeting attendance expected and met in 2024 |
| Executive Sessions | Independent directors hold executive sessions at each regular Board meeting |
| Committee Memberships | Audit; Governance; Risk |
| Committee Meeting Frequency (2024) | Audit: 8; Governance: 5; Risk: 4 |
| Risk Oversight | Risk Committee oversees ERM, cyber/data/privacy, counterparty risk, business continuity; coordinates oversight among committees |
Fixed Compensation (Director)
| Component | 2024 | 2025 |
|---|---|---|
| Annual cash retainer (Non-executive Director) | $125,000 | $140,000 (effective Jan 1, 2025) |
| Committee chair fees (if applicable) | N/A (not a chair) – | N/A |
| Board meeting fees | None paid in 2024 (threshold not met) | $5,000 per excess meeting if applicable |
2024 actual compensation received by Montgomery:
- Fees Earned or Paid in Cash: $125,000; Stock Awards (grant-date fair value): $160,000; Total: $285,000 .
Performance Compensation (Director Equity)
| Grant | Grant Date | Instrument | Quantity | Grant-Date Fair Value per RSU | Vesting | Dividends |
|---|---|---|---|---|---|---|
| Annual Director RSUs | May 22, 2024 | Time-based RSUs | 5,109 | $31.32 per RSU | Vest 1 year from grant (or earlier on retirement/death/disability) | Dividend equivalents accrue and are paid in cash upon vest; no voting rights prior to conversion |
Notes:
- Since 2020, director RSUs convert into shares at vesting (subject to any deferral elections) .
- Non-executive directors’ annual equity awards align long-term interests with shareholders; RSUs are typically granted at the Board meeting following the annual meeting .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Current public company directorships | None disclosed |
| Notable external boards | The Mortgage Collaborative (board); AISLE Institute (advisory board) |
| Interlocks / customer relationships | Governance Committee reviewed potential conflicts for certain directors (USAA, AG Mortgage Investment Trust/Arc Home, Ellington Financial originators) and found no impairment to independence; no such relationships disclosed for Montgomery |
Expertise & Qualifications
- Government/Regulatory: Led FHA twice and served as HUD Deputy Secretary; deep federal housing policy/regulatory knowledge .
- Mortgage/Real Estate; Insurance/Reinsurance; Risk Management; Operations; Business Development; IT/Digital exposure noted in skills profile .
- Cyber Oversight credential (CERT; CMU SEI/NACD) attained April 2023, enhancing technology/cyber governance competency .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Shares Beneficially Owned | 14,922 | As of March 24, 2025; “less than 1% of class” |
| RSUs held (as of 12/31/2024) | 8,651 | Director RSUs outstanding |
| Deferred RSUs | 8,651 | Deferred under Director Deferred Compensation Plan |
| Ownership Guidelines | Directors must hold equity ≥ 5x annual cash retainer; all non-executive directors currently in compliance | |
| Anti-hedging/anti-pledging | Company policy prohibits hedging and pledging of Radian securities by directors |
Governance Assessment
-
Strengths for investor confidence:
- Independent director with unique, high-level regulatory experience; sits on Audit, Governance, and Risk—committees central to controls, oversight, and ERM –.
- Documented attendance threshold met; Board uses executive sessions and formal annual evaluations to improve effectiveness –.
- Clear director pay structure, moderate cash retainer and standardized RSU grants; stock ownership requirement at 5x cash retainer with compliance affirmed .
- Strong conduct policies: anti-hedging/anti-pledging and comprehensive related-person transaction review; no related-party concerns disclosed for Montgomery .
-
Potential risks/RED FLAGS:
- None disclosed specific to Montgomery: no related-party transactions, pledging/hedging prohibitions in place, not identified in independence review exceptions .
Overall, Montgomery’s regulatory background, cyber oversight credential, and service across Audit/Governance/Risk indicate robust oversight capabilities and alignment with shareholder interests; current disclosures show no conflict or attendance issues that would impair Board effectiveness – –.