The founding chief executive officer of National Mortgage Insurance Corp.’s parent is being replaced by another senior executive who has also been on board since the beginning.

When NMI Holdings Inc. was founded in 2012, Bradley Shuster was its president and CEO, and Claudia J. Merkle was its senior vice president of underwriting fulfillment and risk operations.

Before the Emeryville, California-based mortgage insurer was launched, Shuster was president of PMI Capital Corp., while Merkle was also on PMI’s management team.

Source: Mortgage Daily