PMI Mortgage Insurance, a subsidiary of The PMI Group, has promoted John Hanken to the role of assistant vice president of pricing. The company says that he will be responsible for all US structured transaction and mortgage insurance pricing, pricing model development, and financial engineering.

Mr Hanken joined PMI in 2004 as the manager of quantitative applications and later became the director of portfolio management, where he managed profitability forecasts, business segment analysis, portfolio composition development and tolerances.

Prior to PMI, Mr Hanken held positions at Charles Schwab and Company and Transamerica Corporation. He has an MBA from Thunderbird Graduate School of International Management and a BA from the University of California, Santa Barbara.

Leonard Wijewardene, vice president of portfolio management, analytics, and pricing at PMI, said: “John has an extensive background in pricing, portfolio management, and profitability. John's expertise is an asset in today's challenging markets and his promotion is well deserved.”

In March the Mortgage Insurance Company formed its new homeownership preservation team led by John Jelavich, PMI's newly appointed vice president of homeownership preservation initiatives.

Under Mr Jelavich's leadership, PMI aimed to expand its national accounts servicing team whose primary responsibility will be to partner with lenders in the development of creative solutions to help Americans avoid foreclosure.