The Community Mortgage Lenders of America (CMLA) has announced an accelerated strategy to preserve equal access to the secondary mortgage market for community based mortgage lenders, naming its first executive director to be based in Washington, D.C. Glen Corso, a leader in the mortgage banking and mortgage insurance industries, takes the helm of CMLA as reform of the GSEs (Government Sponsored Enterprises, Fannie Mae and Freddie Mac) moves forward.
Corso’s career and expertise spans decades of senior positions in mortgage banking, mortgage insurance and in legal and regulatory advocacy on behalf of residential lenders. Most recently, Corso helped establish the nation’s newest private mortgage insurance company. Previously, he was co-founder of the Community Mortgage Banking Project, a Washington based advocacy organization for independent mortgage banking companies, and a senior officer of PMI Mortgage Insurance Co. for 10 years.
“As Congress and the Administration restructure the mortgage finance system in this country, the CMLA leadership feels it is critical to step up efforts to ensure the special needs and concerns of our members – independent, community-based residential mortgage lenders – are heard and factored into effective reform,” said Michael McHugh, chairman of CMLA and president and CEO of New York based Continental Home Loans and past president of the Empire (New York) State Mortgage Bankers Association. “We are especially pleased Glen accepted this new role and are confident his industry expertise and demonstrated success in working effectively in Washington will help us meet this strategic objective.”
“I’m excited to return to Washington at such a critical time for preserving equal access to the secondary mortgage market for community-based lenders,” Glen Corso said. “Community-based residential lenders serve the home finance needs of approximately 60 percent of American homebuyers each year. A strong and effective advocacy organization for these lenders can play a key role in ensuring that an effective access mechanism is created as part of GSE reform permitting these lenders to continue to meet the needs of the majority of individuals and families who are buying homes. A top priority for CMLA in the coming months will be recruitment of additional members to further strengthen and expand the reach of the organization. We welcome inquiries about membership from all community-based residential lenders.”