Fannie Mae has announced in an 8K filing with the Securities and Exchange Commission that Michael J. Heid has been elected to Fannie Mae’s Board of Directors.
Heid, 59, previously served as EVP (Home Lending) of Wells Fargo & Company from 1997 until January 2016 and was employed by Wells Fargo or its predecessors since 1988. His positions with Wells Fargo Home Mortgage, the bank’s mortgage banking division, include serving as president from 2011 to September 2015; co-president from 2004 to 2011; and chief financial officer and head of loan servicing prior to 2004.
“Fannie Mae will benefit from Mike's experience and knowledge as we continue our mission to provide responsible, affordable, long-term mortgage financing,” a Fannie Mae spokesperson said.
Over the years, Heid has been actively involved in legislative and regulatory policy matters that affect the mortgage industry.
“Mike played an integral role in aligning the industry during a critical time, by displaying unparalleled leadership in working with both the Bush and Obama Administrations and the U.S. Treasury Department during the height of the U.S. housing crisis,” said Ed Delgado, president and CEO of The Five Star Institute. “The industry and the country should be thankful for his efforts.”
According to the 8K filing, Wells Fargo was Fannie Mae’s largest single-family customer in 2015, accounting for approximately $63.7 billion in loan deliveries—which comprised about 13 percent of Fannie Mae’s single-family volume. A Wells Fargo subsidiary was Fannie Mae’s largest multifamily customer last year.