Nationwide mortgage lender and servicer, Newrez LLC, has hired former Consumer Financial Protection Bureau (CFPB) exec Mark McArdle to fill a newly created role of senior vice president of regulatory relations, public policy, and stakeholder engagement.
It’s a strategic addition to its leadership team, according to Newrez, and underscores its commitment to “dynamic collaboration and innovation with partners across government and the broader industry.” In this role, McArdle will lead initiatives to shape mortgage policy, with a goal of partnering with regulators, trade groups, consumer groups, and other stakeholders.
He’s had some notable experience in that regard. From 2017 through this year, McArdle served as assistant director of mortgage markets at the CFPB. There, he led a team “that worked closely with industry and other stakeholders to help inform the Bureau and the public on current and future trends in the mortgage origination and servicing markets,” according to Newrez’s release on the appointment.
Also at the CFPB, McArdle led efforts to modernize reporting under the Home Mortgage Disclosure Act (HMDA), a federal law that requires mortgage lenders to collect and report data on their mortgage lending activity. He worked to update Ability to Repay/Qualified Mortgage (ATR/QM) rules, which require lenders to determine a borrower's ability to repay a mortgage before making a loan, and spearheaded the CFPB’s mortgage response to COVID-19.
All told, McArdle has more than two decades of experience working on issues related to housing, mortgage lending, and homeownership in nonprofits and government. Before working at the CFPB, he spent more than seven years with the U.S. Department of the Treasury, including as deputy assistant secretary of the department’s Office of Financial Stability and as chief homeownership preservation officer.
“Mark’s track record of delivering thoughtful, effective policy solutions and fostering deep stakeholder relationships makes him an ideal leader to drive Newrez’s policy engagement efforts in our next chapter of growth,” stated Baron Silverstein, president of Newrez.
