Financial services veteran brings more than 30 years experience and a strong commitment to affordable housing.
Fannie Mae late Thursday announced it has chosen an affordable housing advocate as its new chief executive officer.
Priscilla Almodovar was named CEO and a member of the government-sponsored agency’s board of directors, effective Dec. 5. Almodovar will succeed David C. Benson, who in addition to his role as president has served as interim CEO and a member of the board since May. After Almodovar's arrival, Benson will continue in his role as president.
Priscilla Almodovar
Almodovar brings more than 30 years of experience in finance, real estate, and community development across a number of institutions and organizations, Fannie Mae said in a news release. Since 2019, she has served as president and CEO of Enterprise Community Partners, a national organization focused on increasing the supply of affordable housing, advancing racial equity, and supporting residents and communities.
“On behalf of the board of directors, we are excited to welcome Priscilla Almodovar as our next CEO,” said Michael J. Heid, chairman of Fannie Mae’s board of directors. “Priscilla’s vast experience in large, complex businesses and her commitment to affordable housing makes her an ideal choice to further Fannie Mae’s mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America.”
Heid continued, “I also want to express the board’s deep appreciation to Dave Benson for his invaluable service as Interim CEO since May. We are fortunate to have a leader of Dave’s character, skill, and commitment to the company, and will benefit from his continued leadership as president, as a critical member of the Management Committee, and a key partner and advisor to the board of directors.”
Get the NMP Daily
Essential stories, every weekday.
Before her role as president & CEO of Enterprise Community Partners, Almodovar worked for nearly a decade at JPMorgan Chase and led two of the firm’s national real estate businesses; most recently, as managing director, co-head of Real Estate Banking, where she served national and regional real estate developers, investors, owners, and investment funds.
Earlier in her career, she was president & CEO at New York State Housing Finance Agency, State of New York Mortgage Agency, and Affordable Housing Corp. She started her career at White & Case LLP, where she was named an equity partner.
August Power Play reaches beyond cash-out refinances while pairing near-term pricing incentives with a longer-term broker technology play
Rocket Pro is broadening its refinance incentive and extending its stacked purchase credit for August, giving mortgage brokers another reason to revisit past clients while elevated rates continue to limit origination volume.The wholesale lender’s August Power Play increases ...
Executives point to healthy securitization demand and fresh capital for additional loan purchases during the mortgage REIT’s second-quarter earnings call
Angel Oak Mortgage REIT purchased $204 million in newly originated Non-QM mortgages and home equity lines of credit during the second quarter, up approximately 39% from a year earlier but down 17% from the first quarter.The results, combined with two securitizations complete...
Wholesale lender cites internal loan data to urge regulators to monitor whether new condominium eligibility standards reduce access to conventional financing
The lender group says mortgages below $100,000 routinely lose money, while LO compensation rules could prevent federal incentives from reaching originators
The appraisal management company says it is the first to complete certification for FHA’s modernized EAD platform, giving lender clients an early path toward implementation
