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The Industry Pulse: Updates on Fannie Mae, the CFPB, and More

Click through to learn more about crucial hires, changes to key committees, and more in this weekly update.

Fannie Mae announced that it has appointed Stergios “Terry” Theologides as EVP, General Counsel, and Corporate Secretary effective March 28, 2019. Theologides most recently served as CoreLogic, Inc.’s SVP, General Counsel, and Secretary.

“Terry joins the Fannie Mae leadership team with an impressive background of legal and management experience, combined with a broad and deep understanding of the mortgage, real estate, and financial services sectors,” said Hugh R. Frater, Interim CEO, Fannie Mae. “Terry is a thoughtful leader with a proven track record as a strong General Counsel with extensive experience managing high-performing, client-focused teams. He will play an important leadership role in helping us achieve our strategic priorities as we continue our work with customers and partners to increase the supply of affordable housing and drive innovation in the mortgage industry.”

 

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The Consumer Financial Protection Bureau (CFPB) has announced enhancements to its advisory committee charters.

The CFPB's advisory committee program includes the Consumer Advisory Board (CAB), Academic Research Council (ARC), Community Bank Advisory Council (CBAC), and Credit Union Advisory Council (CUAC).  These committees will expand their focus to broad policy matters and increase the frequency of in-person meetings from two times a year to three times a year effective fiscal year 2020. CFPB said that the CAB, CBAC, and CUAC will continue their joint public meetings. The ARC will meet separately, in-person and twice a year. Additionally, the ARC is being elevated to a Director-level advisory committee.

The membership terms for the committees will be extended from a one-year term to two-year terms, and the terms will be staggered. The one-year term of all existing members expires on September 2019. A one-year term extension will be provided to half of the current members in order to achieve the staggered terms and ensure continuity. In addition to a Chair, each committee will be assigned a Vice-Chair. Both the Chair and the Vice-Chair will serve a one-year term in their respective positions, with the Vice-Chair assuming the Chair the following year.

These changes were announced after CFPB Director Kathleen L. Kraninger’s engagement with current and former advisory committee members during her three-month listening tour.

“I’ve seen firsthand how the Bureau benefits from the valuable input provided by committee members. I have also seen how the joint committee meeting is resulting in members sharpening their ideas by engaging in a thorough dialogue,” Kraninger said. “These enhancements demonstrate my commitment to ensuring that the Bureau’s advisory committees are helping to improve our work on behalf of consumers.”

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Debra Hess, former CFO of NorthStar Asset Management Group and NorthStar Realty Finance Corp., and David H. Stevens, former president and CEO of the Mortgage Bankers Association (MBA), have joined Radian’s Board of Directors.

"Radian is pleased to have Debra and Dave join our Board of Directors," said Radian’s Chairman Herb Wender. "Their leadership, strategic insight and depth of experience in the mortgage and real estate industries and government affairs will help strengthen Radian’s position as a market-leading residential mortgage and real estate services enterprise. The addition of two highly qualified directors with skills that complement our strategic focus reinforces our commitment to strong corporate governance and enhancing stockholder value." Hess and Stevens were nominated for election to the board following a comprehensive search process conducted by the board's Governance Committee.

"Radian has a strong, independent Board of Directors composed of proven leaders in mortgage banking, real estate, government, business operations, and capital and secondary markets,” said Radian’s Chief Executive Officer Rick Thornberry. “The addition of Debra and Dave will further strengthen our Board and provide us with valuable insight and guidance to execute our strategic plan for strong growth, value creation and stockholder returns.”

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IEM—a tech-enabled global homeland security and disaster management consulting firm based out of North Carolina—announced the addition of Pamela Hughes Patenaude as Senior Community Liaison, where she will serve as a senior advisor for the company's housing and disaster recovery projects. Patenaude is a housing executive and public policy expert with over 35 years’ experience serving in government and non-profit management, including at the executive management level. Most recently, Patenaude served as Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD), where she managed the day-to-day operations of the cabinet-level agency, including oversight of the Department's $52 billion budget and 7,000 employees nationwide. Patenaude also served as Chair of HUD's Disaster Management Group, overseeing $37 billion in disaster recovery funding.

As IEM's Senior Community Liaison, Patenaude will provide housing policy and long-term disaster recovery expertise to help execute IEM's disaster recovery housing projects quickly and efficiently.

"As disasters and emergencies evolve, our response and recovery to these events must evolve as well. We know that a one-size-fits-all solution does not work and that collaborative relationships must be forged to ensure that no one is left behind," said Madhu Beriwal, President and CEO of IEM. "Pam has the diverse and well-rounded expertise to help us craft recovery and housing solutions that work best for each individual community. This, paired with her intimate understanding of complex policies that guide our work, will help communities rebuild safer and stronger."

"I look forward to serving in this important advisory capacity role and to help facilitate long-term recovery efforts across the nation, including communities still recovering from recent disasters," Patenaude said.

About Author: Seth Welborn

Seth Welborn is a Staff Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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