MReport June 2021

TheMReport — News and strategies for the evolving mortgage marketplace.

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10 | M R EP O RT MCROWD GOVERNMENT MICHAEL J. DEVITO Freddie Mac an- nounced that its Board of Directors has named housing-indus- try veteran Michael J. DeVito as the company's CEO, effective June 1. At that time, Interim CEO Mark B. Grier will resume his duties as a full-time Member of Freddie Mac's Board. DeVito brings more than 30 years' experience in the mortgage and finan- cial services industry to Freddie Mac. He spent more than 23 years at Wells Fargo and Company, rising to the level of EVP, Head of Home Lending, where he was responsible for all aspects of the company's mortgage and home equity business. "I am delighted to announce that, after an exhaustive search, the Board of Directors has chosen Michael DeVito as the next CEO of Freddie Mac," said Sara Mathew, non-execu- tive Chair of Freddie Mac's Board of Directors. "Michael is a well-regarded leader with proven success in virtually every aspect of the mortgage indus- try. His background and experience make him an excellent choice to lead Freddie Mac at this time. On behalf of the Board of Directors, I would also like to thank Mark Grier for his leadership as Interim CEO, and we are pleased that he will continue to con- tribute to the company as a member of the Board." At Wells Fargo, DeVito worked across Home Lending, including in loan origination, servicing, portfolio management, secondary marketing, and risk. At various points during his tenure, DeVito served as Head of Home Lending Production, Home Lending Servicing, Default Servicing, Loan Workout, the Head of Education Financial Services, and Mortgage Retail Underwriting and Operations. He retired from Wells Fargo in 2020. "I am honored to lead a mission- driven company with proven success in making home possible for millions of families over the past five decades," Michael DeVito said. "I thank the Board for their confidence, and I look forward to getting to know the people and leaders who make Freddie Mac so successful. Working together, I'm certain we can continue to deliver the liquidity, stability, and affordability the housing markets need while enhanc- ing our own safety and soundness." MALLOY EVANS Fannie Mae has appointed Malloy Evans to the position of EVP and Head of Single-Family, effective immediately. Evans was previously SVP and Chief Credit Officer for Fannie Mae's Single-Family Business, where he managed first-line credit risk from mortgage acquisition through disposition and oversaw the establishment of selling and servicing risk policies and eligibility standards to ensure sustainable lending practices for the loans Fannie Mae acquires. "Malloy brings impressive qualifica- tions and deep knowledge of our Single-Family business and Fannie Mae, from risk management and credit policy to servicing and loss mitigation. He has a mission-first mindset that embodies our corporate values, and a strong commitment to serving home- buyers and lenders while ensuring the continued safety and soundness of the housing finance industry," said David C. Benson, President, Fannie Mae. As Head of Single-Family, Evans will lead the team responsible for establishing Fannie Mae's single- family mortgage acquisition standards that help lenders safely originate mortgages, providing liquidity to the single-family mortgage market, and enabling credit to help U.S. homeown- ers buy, refinance, and rent homes. "For more than a decade, I've witnessed Fannie Mae's Single-Family team consistently prioritize sustain- able, affordable homeownership, no- tably over the past year as we helped homeowners stay in their homes dur- ing COVID-19, and most recently with our announcement of a new refinance option to help lower-income families," Evans said. "I'm proud of our commit- ment to help people across America gain access to sustainable homeown- ership, and I look forward to leading our Single-Family Business as we continue building on this progress." LENDERS STEPHEN ADAMO Embrace Home Loans, a top-ranked national mortgage lender, announced that Stephen Adamo has joined the company as President, National Retail Production. He will be responsible for significantly increasing the company's retail sales force and expanding its retail footprint. Embrace originated a company record $6.4 billion in mortgage loans in 2020, a 70% increase from 2019. The company plans to double its retail production in 2021 and increase This month, some of the industry's largest companies saw significant changes to their corporate lineups. Who's moving on and who's moving up in the industry business in its consumer-direct and financial institutions group divisions, with a focus on purchase loans. Prior to joining Embrace, Adamo served as EVP, Head of U.S. Mortgage Banking, Home Equity, Consumer Manufacturing, and Credit Underwriting at Santander Bank, NA. In that role, he had direct oversight of all aspects of residential home lend- ing, including production, portfolio administration, secondary marketing, servicing, and loan operations. Adamo said he plans to build on Embrace Home Loans' momen- tum, adding that he was drawn to Embrace's strong leadership team and its superior treatment of both loan of- ficers and customers. "I have known [Embrace CEO] Dennis personally and admired Embrace for many years," Adamo said. "They go above and beyond to ensure all loan officers have the technology and marketing they need to be as successful as possible. As a result, Embrace is positioned for growth and set to compete with the top indepen- dent mortgage banks in the country." Adamo's previous roles include serving as President and CEO of Weichert Financial Services, where he oversaw the company's mortgage, title, property, and casualty insurance services. He also spent more than a decade with RBS Citizens Financial Group, where he held various leader- ship positions including President and CEO of the mortgage division. Adamo has additional expertise in secondary marketing, pricing, portfolio manage- ment, and accounting. "Steve brings a wealth of mortgage and banking experience to Embrace," said Dennis Hardiman, Embrace founder and CEO. "As the key driver of our overall retail strategy, I am confident he will generate record numbers this year and beyond." Adamo added that the mortgage industry has changed considerably since the 2008 financial crisis, as independent mortgage banks such as Embrace have taken significant market share from depository banks, particularly in the past five years. "No company does a better job at putting its team, its customers and the com- munity at the forefront of its thoughts and actions than Embrace," he said. Adamo is a member of many professional groups, including the MBA executive roundtable and the Metro Boston Housing Partnership. He is also a member of Fannie Mae's National Advisory Council.

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