Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

engage.marketing event: All eyes on purchase

To help power your business forward, we’re bringing together the smartest minds in purchase mortgage marketing to share the insights, tactics and strategies that set leaders apart.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

The digital journey starts at acquisition

Download this white paper to learn how to build a tech-enabled acquisition strategy that will directly contribute to a lender’s ability to maximize profitability and remain competitive.

Politics & Money

David Brickman to step down from Freddie Mac

Michael Hutchins has been named as interim president, effective Monday, Nov. 16.

Just weeks before President-elect Joe Biden’s administration is sworn into office, Freddie Mac CEO David Brickman will step down as head of the government sponsored enterprise, the company disclosed in a filing on Friday.

Brickman, who took over as CEO of the company in July 2019, will leave Freddie Mac on Jan. 8, Freddie Mac disclosed in a filing with the Securities and Exchange Commission.

Michael Hutchins has been named as interim president, effective Monday, Nov. 16. Hutchins will continue to lead the investments and capital markets business. He won’t receive any additional compensation.

Freddie Mac’s board plans to launch a search for a new CEO, the filing says.

The departure of Brickman, who ran the multifamily division before taking over from prior CEO Donald Layton, comes amid questions about the future of the GSE. President Donald Trump’s administration has worked feverishly toward removing Fannie Mae and Freddie Mac from conservatorship, but most political observers believe a Biden administration would resist and reverse any such moves.


Turning first-time borrowers into customers for life

Join us for our upcoming webinar where panelists will share new research results and opportunities for lenders to assess their current mortgage journey, address borrower pain-points and successfully engage customers beyond the close.

Presented by: Total Expert

Last month, Brickman spoke of the prospect of leaving conservatorship.

“The company delivered strong earnings on higher revenues, substantially increasing our total equity by $2.5 billion to $13.9 billion – bringing us one step closer to our goal of responsibly exiting conservatorship,” he said following a third quarter earnings presentation. “We did this while helping hundreds of thousands of families buy, rent and remain in their homes.”

Freddie Mac’s net income rose to $2.5 billion in the third quarter of 2020, up from $1.5 billion in the second quarter. Year-to-date, Freddie Mac has made $4.41 billion in profits.

Before ending the profit sweep, Freddie Mac had repaid a total of $119.7 billion to the U.S. Department of the Treasury, exceeding its original draw during the financial crisis by about $48.1 billion. Fannie Mae has repaid a total of $181.4 billion, compared to $119.8 billion that it drew.

Hutchins has served as Freddie Mac’s head of investments and capital markets since 2015, and has worked at the GSE since 2013. Prior to his stint at Freddie, Hutchins was co-founder and Chief Executive Officer of financial services firm PrinceRidge. He’s also worked at UBS and now-defunct Saloman Brothers.

Leave a comment

Most Popular Articles

Fannie Mae, and the housing market’s inflation problem

Another month of steadily increasing home prices and insatiable demand led Fannie Mae’s Economic and Strategic Research Group to alter many of its 2021 predictions – in particular, its outlook on the symbiotic relationship between the housing market and inflation measures.

Jun 16, 2021 By

Latest Articles

Doug Duncan and the housing market’s supply conundrum

The housing market has suffered due to high material prices, spend-anything buyers & a lack of supply. A return to normalcy will require big changes. HW+ Premium Content

Jun 18, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please