Genworth Financial Inc. has announced that Michael Derstine joined the company as chief risk officer (CRO) for its Genworth U.S. Mortgage Insurance (USMI) unit. Derstine previously worked at Republic Mortgage Insurance Company (RMIC), where he held several leadership roles, most recently as capital deployment group manager. In this position, he led the underwriting risk policy, portfolio risk monitoring and pricing groups, and developed risk assessment and performance monitoring strategy focused on early detection and intervention of underwriting and performance deficiencies, and developed models to assess future default risk. Derstine previously served as pricing group manager at RMIC, where he led the mortgage valuation, actuarial analysis and quantitative modeling teams. He has been a frequent presenter before regulators and at industry conferences.
“Mike is a respected mortgage insurance industry veteran with experience in leading risk and multiple other functions, and strong relationships with regulators, government-sponsored enterprises, and rating agencies that make him a valuable addition to the USMI Risk team,” said Rohit Gupta, president and chief executive officer of Genworth USMI.
Derstine earned an MBA degree from Wake Forest University and a BS degree from Messiah College.