Radian Group Inc., a Wayne firm that sells mortgage insurance and other residential real estate services has laid off 66 employees at its Delaware County headquarters and 100 more at its Allegheny office, writes Harold Brubaker for The Philadelphia Inquirer.

The layoffs are a reaction to a slowdown in the housing market.

The company employed 1,800 people overall at the end of 2021.

.“These changes are deeply difficult, but they are a necessary reflection of current market conditions that will enable us to manage expenses and maintain our strong position over the short and long term,” said Radian spokesperson Rashi Iyer in an email.

The slowdown was first noticed in the third-quarter financial results from Radian.  It sold $17.6 billion in new policies in the third quarter, down from $26.6 billion for the same period in 2021.

Radian’s private insurance policies protect lenders from payment defaults for borrowers putting less than 20 percent down on a property.

Radian Group Inc. reported defaults have risen 18 percent in the third quarter on its portfolio of insured mortgages

Mortgage-industry layoffs have been on the rise since Spring, when the Federal Reserve started raising interest rates.

Read more about Radian Group’s layoffs in response to the slowing real estate market at The Philadelphia Inquirer.