Fannie Mae now has a clear successor to take the reins of its single-family business following the departure of Andrew Bon Salle in December. The government sponsored entity has named Malloy Evans, the company’s current chief credit officer for single family, to head the division, it said in a statement Wednesday.
The appointment of Evans as executive vice president and head of single-family is effective immediately, the GSE said. He’s spent 17 years at the GSE, in a variety of roles.
“Malloy brings impressive qualifications and deep knowledge of our single-family business and Fannie Mae, from risk management and credit policy to servicing and loss mitigation,” said David Benson, the president of Fannie Mae. “He has a mission-first mindset that embodies our corporate values, and a strong commitment to serving homebuyers and lenders while ensuring the continued safety and soundness of the housing finance industry.”
As chief credit officer for the single-family business, Malloy managed first-line credit risk from mortgage acquisition through disposition. He also oversaw the establishment of selling and servicing risk policies and eligibility standards for loans Fannie Mae acquired.
Evans will lead the team responsible for establishing Fannie Mae’s single-family mortgage acquisition standards.
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“For more than a decade, I’ve witnessed Fannie Mae’s Single-Family team consistently prioritize sustainable, affordable homeownership, notably over the past year as we helped homeowners stay in their homes during COVID-19, and most recently with our announcement of a new refinance option to help lower-income families,” said Evans. “I’m proud of our commitment to help people across America gain access to sustainable homeownership, and I look forward to leading our Single-Family Business as we continue building on this progress.”
The ascension of Evans comes at a challenging time for the GSE, which has lost many of its top executives in the past year, likely due to its continued status as under conservatorship. Apart from Bon Salle, who became chairman of wholesale lender Homepoint, departures include John Forlines, Jean Weng and Desmond Smith, Andrew Peters and Noelle Lipscomb.
On the same day that Evans’ announcement was issued, Freddie Mac named former Wells Fargo head of home lending Michael DeVito its next CEO. He will take over the GSE on June 1.