Lisa Mumford
RADIAN GROUPAbout Lisa Mumford
Independent director (age 61) serving since February 2020; Chair, Finance & Investment Committee and member, Audit Committee; designated an “audit committee financial expert.” Former CFO across insurance and mortgage credit platforms; currently a director of Ellington Financial, Inc. . All non-CEO directors are independent under NYSE and SEC rules; each director attended at least 75% of Board and committee meetings in 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ellington Financial LLC | Chief Financial Officer | Oct 2009–Mar 2018 | C‑suite finance, risk oversight relevant to Radian’s investment and capital decisions |
| Ellington Financial Management LLC | Chief Financial Officer | Oct 2009–Mar 2018 | External manager CFO; controls/financial reporting |
| Ellington Residential Mortgage REIT | Chief Financial Officer | Apr 2013–Mar 2018 | Mortgage REIT CFO; mortgage credit expertise |
| ACA Financial Guaranty Corporation | Chief Financial Officer | Aug 2008–Oct 2009 | Monoline insurance CFO; risk management |
| ACA Capital Holdings, Inc. | Chief Accounting Officer | 2003–Aug 2008 | Public co. CAO; accounting governance |
| ACE Guaranty Corp. | CFO; Controller | 1988–2003 | Financial guaranty; controls and reporting |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Ellington Financial, Inc. | Director | Current | Current public company directorship |
| Ellington Residential Mortgage REIT | Director | Former | Former public co. directorship |
- Independence review: Ellington Financial has interests in originators (American Heritage Lending LLC; Beeline Loans, Inc.) that are RDN mortgage insurance customers; Board determined arms‑length, customary terms and lack of director oversight/compensation benefits, so independence not impaired .
Board Governance
| Committee | 2024 Meetings | Role | Key Responsibilities |
|---|---|---|---|
| Finance & Investment | 4 | Chair | Capital structure/liquidity oversight; capital markets; investment portfolio performance/policy adherence |
| Audit | 8 | Member; Audit Committee Financial Expert | Auditor oversight; financial reporting; internal control effectiveness; compliance |
- Board structure: Independent Non‑executive Chairman; regular executive sessions of independent directors; annual majority voting for directors; robust stockholder rights and anti‑hedging/anti‑pledging policies .
- Election/engagement: 2024 shareholder vote for Lisa Mumford—For: 131,909,901; Against: 195,905; Abstain: 39,245 (strong support) .
- Say‑on‑pay signal: 2024 support ~83% of votes cast (program stability and investor alignment) .
Fixed Compensation
| Component | 2023 | 2024 | Notes |
|---|---|---|---|
| Cash fees (annual retainer + chair) ($) | 145,000 | 148,750 | 2024 paid; no board meeting fees due in 2024 |
| Equity RSU grant ($) | 150,000 | 160,000 | Annual director RSUs; grant date fair value per plan |
| Total ($) | 295,000 | 308,750 |
Program parameters:
- 2025 program: Other non‑exec directors cash retainer $140,000; Finance & Investment chair $25,000; Audit chair $40,000 (not applicable to Mumford); annual equity grant $160,000; meeting fee $5,000 for excess meetings .
- 2022 changes increased competitiveness; current other NED cash retainer $125,000 (2022–2024), F&I chair $20,000 (2022); Chairman and audit chair retainer increases detailed therein .
Performance Compensation
| Grant | Grant Date | RSUs (#) | Grant‑Date Fair Value/Share | Vesting | Dividend Equivalents |
|---|---|---|---|---|---|
| Annual Director RSUs | May 22, 2024 | 5,109 | $31.32 | One‑year cliff (earlier on retirement/death/disability per plan) | Accrue; paid at vesting; same forfeiture/terms as RSUs |
| Annual Director RSUs | May 17, 2023 | 5,899 | $25.43 | One‑year cliff (post‑2020 awards convert at vest) | Accrue; paid at vesting |
- Equity form: time‑based RSUs for directors; not performance‑linked; post‑2020 director RSUs generally convert into shares upon vesting; pre‑2020 awards convert at board departure .
Other Directorships & Interlocks
| Company | Relationship to RDN | Independence/Risk Handling |
|---|---|---|
| Ellington Financial, Inc. | Holds interests in mortgage originators that are RDN customers | Governance Committee reviewed and concluded no impairment to independence; arms‑length/customary terms, limited size, no director oversight/benefit ties |
Expertise & Qualifications
- Designated “audit committee financial expert”; deep CFO experience across insurance/mortgage credit; risk, finance, and real estate expertise aligned to RDN’s capital/investment oversight and risk governance .
- Skills matrix highlights C‑suite, financial, insurance/reinsurance, mortgage/real estate, risk management, and other public company board experience .
Equity Ownership
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Shares beneficially owned (#) | 14,643 | 19,329 | 22,391 | 24,836 |
| Percent of class | <1% | <1% | <1% | <1% |
| RSUs convertible ≤60 days (#) | — | — | — | 5,109 |
- As of Dec 31, 2024, held 5,109 RSUs outstanding; directors may also defer awards via voluntary deferred compensation plan .
- Stock ownership guideline: at least 5x annual cash retainer within five years; directors cannot sell unless above requirement; all NEDs currently compliant .
- Anti‑hedging/anti‑pledging policy: prohibits hedging, option strategies, short sales, and pledging/margin accounts for directors .
Insider Trades (Form 4)
| Transaction Date | Type | Securities Transacted (#) | Price ($) | Post‑Txn Ownership (#) | Source |
|---|---|---|---|---|---|
| 2025‑06‑06 | Sale (S) | 2,500 | 33.445 | 22,329 | https://www.sec.gov/Archives/edgar/data/890926/000106299325011240/0001062993-25-011240-index.htm |
| 2025‑05‑21 | Award (RSUs) (A) | 4,837 | 0.00 | 4,837 | https://www.sec.gov/Archives/edgar/data/890926/000106299325010266/0001062993-25-010266-index.htm |
[Insider-trades tool output; additional records available upon request.]
Governance Assessment
- Strengths: Chairing Finance & Investment aligns with her CFO background; Audit membership with “financial expert” designation enhances controls rigor; strong election support; alignment via meaningful ownership guidelines and RSU hold/deferrals; Board maintains anti‑hedging/pledging and majority voting policies .
- Independence & conflicts: Dual board role at Ellington Financial reviewed; arms‑length and limited exposure; independence affirmed (monitor for expansion of customer ties) .
- Engagement: Committee meeting cadence (Audit 8; F&I 4), regular executive sessions; attendance ≥75% threshold met; directors encouraged for education; robust evaluation processes .
- Compensation signals: Director pay skewed to equity (time‑based RSUs with dividend equivalents), annual grants; 2025 cash retainer increase and higher audit/risk chair fees reflect workload; no problematic practices (gross‑ups/hedging/pledging) .
RED FLAGS to monitor: Continued interlock with Ellington ecosystem (customers of RDN) even if currently arms‑length ; routine open‑market sales could be neutral, but watch pattern vs. guideline compliance and timing around sensitive events (no current concerns disclosed) (Form 4 sources above).