Creating “a place to call home” with Radian’s Elizabeth Emmons

HousingWire

In this sponsored episode of Power House, Diego chats with Elizabeth Emmons, the Chief Marketing Officer of Radian, to give a behind-the-scenes look into Radian’s vision for affordable and sustainable homeownership.   Elizabeth tackles the challenges and misconceptions around the home-buying process and explains how Radian's wide range of products, from mortgage insurance to real estate services, all work together to support home buyers.   Here’s what you’ll learn:   Why private mortgage insurance is a game-changer for first-time buyers   How Radian's diverse offerings support a holistic approach to homeownership   The role of trust and collaboration in building lasting customer relationships   Why breaking down homeownership barriers is more urgent than ever   Radian's vision for the future is all about creating possibilities for a place to call home   Related to this episode:⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠   ⁠Radian⁠  https://www.radian.com/  ⁠Elizabeth Emmons | LinkedIn⁠  https://www.linkedin.com/in/elizabethemmons  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠HousingWire | YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠  https://www.youtube.com/channel/UCXDD_3y3LvU60vac7eki-6Q   Enjoy the episode!   The Power House podcast brings the biggest names in housing to answer hard-hitting questions about industry trends, operational and growth strategy, and leadership. Join HousingWire president Diego Sanchez every Thursday morning for candid conversations with industry leaders to learn how they’re differentiating themselves from the competition. Hosted and produced by the HousingWire Content Studio.

Transcript

00:00Being around for 50 years means we've been through a multitude of cycles.

00:04We've been through the ups. We've been through the downs.

00:06We've survived the Great Recession.

00:09We've weathered a whole bunch of different scenarios.

00:13And so I actually think that that in and of itself lends a different level of credibility

00:18that helps our customers know that they can trust us.

00:30Welcome to Powerhouse, where we interview the biggest names in housing and ask them about

00:35their strategy for growth.

00:37My name is Diego Sanchez, president of HousingWire, and my guest today is Elizabeth Emmons, CMO

00:44of Radian.

00:45Elizabeth, it's so great to have you on the show.

00:47Thank you for having me.

00:48I'm excited to be here.

00:50It's so great to have you on.

00:52Before we dive in, could you share a little bit about your role at Radian and how your

00:57career path there has shaped your perspective on the company's mission?

01:03Yeah.

01:04So as the CMO of Radian, I'm responsible for marketing, which is everybody probably expects

01:10that.

01:10It's also communication.

01:12So it's our internal communications, which is a source of passion for us.

01:16And it really does relate to our company's mission and sharing that with our employees.

01:22And it's also the philanthropic efforts that we do.

01:25And so for me, when I joined the company, we've always been on this mission for 50 years

01:31of making home ownership affordable, responsible, and sustainable.

01:36And I'm always drawn to an anecdote.

01:39I know there's skepticism of whether or not it's a true story or not, but it's the old

01:43story of JFK visiting NASA.

01:45And he asked a janitor what he did for a living.

01:48And his answer was, I'm helping to put somebody on the moon.

01:51And I think for us and our employees, the mission of helping to make home ownership

01:57possible for people, it's a source of pride.

02:00It's a source of pride for me, for them.

02:03And it really connects our employees to our deeper purpose.

02:06And so for us, it's a focus in everything that we do and really shapes our company's mission

02:12for our products, our services, and even the way we interact with our customers.

02:16I love that mission so much.

02:19It's very similar to HousingWire's mission, actually.

02:22Why is breaking down those barriers to home ownership such an urgent priority right now?

02:29And where do you see the most opportunity as a company to make meaningful progress?

02:35Yeah, when I think about it, it's almost like there's this trifecta that's working against

02:41first-time homebuyers right now.

02:43When I was looking at the statistics from the USMI National Home Ownership Survey, 58%

02:50of the respondents were saying it's much harder to buy a home right now.

02:53Why is that?

02:54It's stuff that your listeners already know.

02:56It's the higher home prices.

02:57It's interest rates.

03:00It's down payment.

03:01Down payment is almost the forever challenge.

03:04I don't care how long you've been in this industry.

03:06Trying to save for a down payment has just historically always been the most number one

03:13challenging obstacle to affording a home.

03:16And so when we think about the statistics that a teacher, a firefighter, others, it takes

03:21two decades to save for a down payment.

03:24And for us in the space of our company and the products and services that we offer, we

03:31see it as this vicious cycle where people are perpetually stuck in this loop of I'm trying

03:37to save, but homes keep costing more.

03:40And it really makes the dream feel out of reach.

03:44And so for us, I think right now it's the urgent priority is how can we better help make people

03:53aware of the options that are available to them?

03:55It's always fascinating to me for as long as I've been in this industry, there are still

04:01facets of people who don't understand that private mortgage insurance is available to

04:06them.

04:06And I remember sitting in a doctor's office one day watching a very well-known TV show

04:12about home, like buying a home.

04:15And the person was saying how you're required to put 20% down.

04:19And I almost screamed in the doctor's office of like, how can you with your influence say

04:24that?

04:25So I think for us, it's about using our partnerships with our customers, with industry trade

04:33associations to help get the word out there.

04:36And the other piece of it too, that really resonates for me and why it's so important is

04:42I'm always fascinated by the fact too, that the dream feels out of reach, but then people

04:47achieve it and they almost feel disenfranchised with it.

04:50And I find that so disheartening when I hear it because for Radian, we're always focused on

04:56affordable, responsible, and sustainable homeownership.

05:00And it's that sustainable part that also comes into play with the cost of homeownership, like

05:06just replacing a roof, maintaining a home becoming so important.

05:11How do we help people understand that having an option like private mortgage insurance could

05:16even help them preserve their savings so that they can maintain the home the way they need

05:21to?

05:21So there's a lot of factors in there that I think are making it so much more important

05:26for us to stay focused on it, not just for Radian, but as an industry in general.

05:30How do we dispel that myth that you need a 20% down payment to get into a house?

05:37I wish there was like a secret sauce to that.

05:39We kind of joke, should we just do a Super Bowl ad?

05:41Would that let everybody know that it's an option?

05:46But in all seriousness, I think for us, it's a matter of just continually working with our

05:52customers who are really the face of the industry to a consumer and helping give them the information

05:59they need to pass along and get the word out there.

06:02I think it's also about engaging with the various other audiences, partners like you

06:07and others, where people go to for trusted sources of content and information to let people

06:13know that there is this option out there.

06:16And we heavily rely on our trade part, our trade association, USMI, to help get the word

06:21out as well.

06:22So Radian is really known for mortgage insurance, but you've moved well beyond that with your

06:29product offering.

06:31How do your different business lines work together to achieve that mission and make home ownership

06:37more accessible?

06:39Yeah.

06:39So for us, I mean, we're coming up on our 50th anniversary and I was looking back at the

06:45presentation of when our company was created.

06:47And I actually made a note here for myself, it was the line we had was that Radian would

06:54be a perpetual source of new ideas and new solutions that will generate creative energy

06:59to change the MI industry.

07:01And so for us, I think everything we do is really focused on how we can best support our

07:06customers.

07:06And so when we think about that, MI is fundamental because it helps alleviate and help tackle the

07:14number one barrier to home ownership, which is down payments.

07:17But we've expanded into areas that complement MI, where we can leverage our mortgage and credit

07:23risk expertise.

07:25And so, yes, title insurance and closing services, correspondent lending with our mortgage conduit,

07:32real estate services that includes valuations and diligence services.

07:36And so for us, it's a matter of how can we more holistically participate in the housing industry.

07:44And by doing so, it gives us this unique picture and perspective of the industry that is unmatched,

07:52quite candidly, from our perspective.

07:54So it uniquely informs our perspective that we can help benefit our customers.

08:00We've created strong relationships.

08:02And so I think by having that well-rounded view, we know that trust runs deep with us.

08:08And so having those consultative relationships with our customers, being innovative, all of

08:15those hallmarks really help us expand and give them the tools they need to be successful

08:21and help drive home ownership forward as well.

08:24So being CMO of a multi-business line company can be challenging when it comes to strategizing

08:34and prioritizing.

08:36What are your priorities across all these business lines when it comes to marketing to your customers

08:42and prospects?

08:43Yeah, for us, because our customers are really the face to consumers, we're here to help them

08:50do their jobs.

08:51So if we can't do our job well, then it makes it hard for them to do theirs, and they need

08:57confidence in that.

08:58So whether it's marketing, you asked me about marketing, but for my priority, it's how I

09:04partner and my team partners with our sales team so that no matter what we're doing, it's

09:10all about how we can add value to our customers.

09:13How do we help them do their jobs better?

09:15It means giving them information, sharing our perspective, industry insights, general

09:21knowledge and expertise, so that at every step of our business, we're offering something

09:28that a touchpoint has meaning.

09:30It's not a waste of their time to engage with us.

09:33So the first and foremost priority for us is always how we can partner with our sales team

09:38to deliver that kind of value at every touchpoint to our customers.

09:42Who are your customers?

09:45Who are our customers?

09:47It almost feels like with all those business lines who aren't our customers.

09:50So we work quite heavily with mortgage originators.

09:53We support servicers.

09:56We support investors looking to, in short, sorry.

10:03For an investment audience, we focus on helping them support their investment in single family

10:11residential properties.

10:12So for us, it's almost, when we look at the broad market, to your point earlier, there

10:18are so many people that we need to support that for us, drilling down into it and looking

10:24within each individual role actually ends up becoming more beneficial for us.

10:29So trust is so essential in the home buying and home selling transaction.

10:38It's such a big purchase for people.

10:41For most people, the biggest financial decision of their lives.

10:45How does Radian create confidence with your customers, the housing professional, and their

10:53consumers that they're trying to serve?

10:54Yeah, it's something, trust is earned.

10:58I mean, I think that's something we've learned.

11:01Everybody knows that.

11:02But it's something that we've earned over 50 years of being in business.

11:07And I think for us, being around for 50 years means we've been through a multitude of cycles.

11:13We've been through the ups.

11:14We've been through the downs.

11:15We've survived the Great Recession.

11:17We've weathered a whole bunch of different scenarios.

11:22And so I actually think that that, in and of itself, lends a different level of credibility

11:27that helps our customers know that they can trust us.

11:32And we don't just meet them where they are or look at the challenges that have historically

11:37been in the industry.

11:39But we use all of that knowledge and expertise to say, how can we anticipate future concerns

11:45or issues that we can meet and help our customers address?

11:49So I think by doing all of that, that trust and that confidence, the various products and

11:54services that we have, that broader perspective we have of the industry as the result, you combine

11:59that with our mortgage and credit risk expertise.

12:02And for us, it means confidence and ideating with us.

12:06And so that is something where when we work with our customers and they know that if they

12:13need candid feedback or insights on how to move their business forward, they can do that

12:20and it's proven out.

12:21It's not just throwing the next buzzword of AI out there.

12:26It's the technology.

12:28It's the innovation with that.

12:30But it's also the deep expertise and knowledge that we bring to the market that is an important

12:37aspect of building and maintaining that trust.

12:40If the technology fails, you need to trust the people behind the technology.

12:44And I think that's a hallmark of our brand.

12:48So it's been a little bit of a tricky housing market for the past couple of years.

12:53How do you partner with your customers to help them create opportunity in a challenging housing

13:00market?

13:02Yeah.

13:02So I think when that's really where our sales team shines, I think that consultative nature

13:08and the way that they approach their work, that they're not just there trying to sell

13:13their customers a widget.

13:15They really want to dive in.

13:17And I hear that conversation across every facet of our various sales teams.

13:23How can they dig in?

13:25How can they help them identify solutions and opportunities for our customers to drive their

13:32business forward?

13:34It sounds cliche.

13:35I know everybody says it, but when I see it, it's proven out.

13:39When I think about our real estate services business, they created the diligence space.

13:44I mean, we've changed pricing models in our MI business.

13:48We've changed the way you think about how to approach title insurance even.

13:54And so for us, I think that's the way that we go about it.

13:57It really is that consultative approach that our sales team takes in building that strong

14:03relationship, which is why we have the trust in our company that we do from our customers.

14:08Yeah, imagine in that partnership-based sales approach, you're always seeking feedback from

14:16your customers and prospects.

14:19How do you bring that feedback in and have it inform your marketing strategy, the product

14:25development strategy, the overall business strategy?

14:28I think the way we're effective with that is the very collaborative nature of our company.

14:33So for us, we have to be cognizant of the fact that we run a multitude of business lines

14:38that need to function and bringing those insights back from a marketing perspective of what our

14:46title team might be hearing versus our real estate team.

14:50Those things are important to us, but I think it's truly that collaborative approach that we

14:55take in marketing needing to work hand-in-hand in our relationship with our sales team.

15:02It can't be a marketing versus sales.

15:06This is a true collaboration where they need to be giving us and trust us to take the insights

15:11that they get and apply that to our marketing.

15:14We need to take the marketing that we do and be sharing back the results of what we see in

15:20the engagement so they know what's resonating with their customers.

15:24And so again, I just go back to so many times you hear in organizations, it's the sales versus

15:29marketing. And for us, it's really that collaboration of recognizing that we have

15:35to work hand-in-hand with sales very collaboratively in order to make that effective.

15:42So my sense from this conversation is that Radiant is a very mission and values-oriented

15:50company. If there's one thing that you want our listeners to take away about Radiant's

15:57impact and vision for the future, what do you hope that is?

16:00I think for me, it's really making sure they understand that when we say creating possibilities

16:09for a place to call home, that's kind of a slogan for us. But it's indicative, I think,

16:16of this industry at large. And so when I talk to people at conferences, a lot of people didn't come

16:23into this, like grow up thinking they were going to be a loan officer or work in the mortgage

16:28industry, they came into it. But many of us, we have this passion for making that possibility of

16:34a place to call home real. And so we're on this journey with them, that we have a full picture

16:42of the industry, we have trust, we innovate. But I think the most important piece is that we'll

16:48always be that indispensable partner for them that's on the journey with them to accomplish this.

16:53Just like that relationship we build internally between sales and marketing.

16:59Elizabeth, what a great conversation we just had. Thank you so much for joining me today.

17:05Thank you for having me.

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