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The Industry Pulse: Updates on Ginnie Mae, MQMR, and More

From key hires and promotions to new technologies, catch the latest happenings in the industry in this update.

Ginnie Mae announced Adetokunbo Lofinmakin was appointed to the Senior Executive Service and named CFO and Thomas Young was named the new Director of Counterparty Risk Management.

Lofinmakin was serving as the acting CFO since January 2018. She will continue to report to Acting President Maren Kasper and Young will report Greg Keith, SVP and Chief Risk Officer.

“Both [Lofinmakin] and Greg bring deep expertise to Ginnie Mae in their respective fields,” Kasper said. “Each will serve in a role that is critical to maintaining the sound financial foundation of our mortgage-backed securities (MBS) program. As we continue to evolve to meet the challenges of today’s operating environment, we look forward to their leadership contributions to the agency.”

As CFO, Lofinmakin oversees the preparation of financial reports in accordance with the standards of the Federal Accounting Standards Advisory Board (FASAB), Financial Accounting Standards Board (FASB), Generally Accepted Accounting Principles (GAAP), and Office of Management and Budget (OMB) Circulars. In addition, she manages all accounting operations for Ginnie Mae’s $2.0 trillion MBS portfolio, including applying financial management policies and procedures, preparation of the annual budget, accounting systems oversight, cash management, investment services, audit readiness, and enhancing internal controls over financial reporting.

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The California-based mortgage compliance service provider, Mortgage Quality Management and Research, (MQMR) has announced the appointment of Jeff Christensen as its VP of Sales. In this role, Christensen will be responsible for leading sales, driving new business opportunities and expanding awareness of the MQMR brand in the market.

“Compliance is one of the main core competencies upon which MQMR hangs its hat, and to have someone that has been as deeply immersed in mortgage compliance as Jeff Christensen is a tremendous win for our organization,” Michael Steer, President at MQMR said. “It took me more than two years and countless interviews to find the right fit for our unique corporate culture, and I look forward to seeing the next phase of MQMR’s growth with such a talented and knowledgeable individual like Jeff leading the way.”

Christensen brings more than 10 years of mortgage compliance experience to MQMR, having served as both the CFO and CEO of Mortgage Compliance Advisors (MCA), of which he was a founding member in 2008. MCA was a residential mortgage outsource provider for quality control and risk management solutions with more than 400 clients. When MCA was acquired in 2014, Christensen worked with the executive team to continue to improve and grow the combined business.

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Verifyd’s new bidder app will allow prospective buyers to participate in foreclosure auctions remotely.

“For over 100 years, the foreclosure process in our state, and country, has barely changed, completely shutting out technology,” Verifyd CEO Mike Watkins said in a release. “We all live busy lives today, which means many interested buyers miss out on foreclosure purchases due to their inability to be physically present at the courthouse. It has been our dream to open this process up in a way that is both legally compliant and accessible to people everywhere.”

“I personally believe that the 2008 financial crisis would have been averted if this technology was in place at the time,” Watkins said. “By making sure that the foreclosure auction process is transparent and open to all those interested in buying the property, the lenders are ensured they receive fair market value for the property. Really, it’s a win-win for all parties involved.”

The app, currently available only for the Atlanta area, is set to eventually roll out across the rest of the state. Buyers can bid without participating as well, by setting a maximum bid before the auction begins, as the app will bid in their place automatically.

About Author: Seth Welborn

Seth Welborn is a 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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