[1]Patrick Sinks
MGIC Investment Corporation [1] CEO Patrick Sinks has been named the chairman of U.S. Mortgage Insurers (USMI) [2], marking a new chapter for USMI since it was formed in March 2014.
Sinks, who was serving as vice chair of USMI, succeeds Rohit Gupta, President and CEO of Genworth Mortgage, as chairman of USMI. Bradley M. Shuster, Chairman of the Board and CEO for NMI Holdings, Inc., will take over for Sinks as vice chair for USMI.
“Restoring stability in the housing economy and setting a long-term course for the mortgage finance system remains a top priority among regulators, lawmakers and industry stakeholders in Washington,” Sinks said. “I am pleased to serve as USMI chairman as these issues take form given the critical role mortgage insurance plays in facilitating homeownership and protecting taxpayers from government exposure to mortgage risk.”
Sinks has more than three decades of experience in the mortgage insurance industry. He has served in numerous roles with MGIC since joining the company at its primary subsidiary Mortgage Guaranty Insurance Corporation (MGIC) in 1978 as a member of the accounting team. He served as President and Chief Operating Officer of both MGIC Investment Corporation (MTG) and MGIC before being named CEO of MGIC Investment Corporation in March 2015.
“Patrick’s wealth of experience and proven leadership are tremendous assets to our industry association and I look forward to continuing our work,” said Lindsey Johnson, President and Executive Director of USMI. “I want to also offer my gratitude to Rohit for his dedication to USMI as one of the association’s first chairmen. We are very appreciative of the time and devotion he has given to the organization and value his continued role on our board of directors.”