There will soon be a new person in charge of Freddie Mac’s single-family business for the first time in more than six years.
The government-sponsored enterprise announced Tuesday that David Lowman, who has led the company’s single-family business since May 2013, is stepping down next month.
Lowman’s official title at Freddie Mac is executive vice president of the single-family business.
In this role, Lowman has “broad responsibility for the line of business, including managing the company’s relationships with its Seller/Servicers, the performance of Freddie Mac’s guarantee book of business, securitization of new business, and all sourcing, servicing and business operations,” Lowman’s bio states.
But now, after leading Freddie Mac’s single-family business for the last six years, Lowman will step down from that role “on or about November 1, 2019,” the GSE said Tuesday.
“Dave Lowman has helped transform Freddie Mac’s Single-Family business into a modern, innovative market leader,” Freddie Mac CEO David Brickman said. “I thank him for his service and congratulate him on a distinguished career.”
Prior to working at Freddie Mac, Lowman was the CEO of Chase Home Lending from 2006 to 2011, where he oversaw $150 billion in annual mortgage production and a $1.2 trillion servicing portfolio.
Earlier in his career, Lowman spent a decade in senior leadership roles in various lending businesses of Citigroup, including head of CitiMortgage and Citicorp Trust Bank.
Before joining Citigroup, Lowman spent 11 years at The Prudential Home Mortgage Company.
“With over six years at Freddie Mac, I want to take advantage of opportunities presented by the rapidly evolving mortgage finance marketplace and its adjacent industries,” Lowman said. “It’s been a great run, and I would like to thank my colleagues and my team for their many contributions to the overall growth and success of our business.”
Lowman will be replaced by Donna Corley, Freddie Mac’s senior vice president and single-family chief risk officer, who will be named interim head of single-family.
In her current role, Corley leads a team of 500 employees responsible for analyzing, modeling and managing the risks of the GSE’s single-family business.
But upon Lowman’s departure, Corley will take over on an interim basis. According to Freddie Mac, the company will consider both external and internal candidates, including Corley, when determining who will replace Lowman on a permanent basis.
“Donna Corley’s record of accomplishment at Freddie Mac spans more than 24 years, with deep expertise in risk management, capital markets and pricing. I am confident she will lead this critical business line skillfully,” Brickman added. “Freddie Mac will perform a thorough search for a highly-qualified permanent replacement to help usher in the next chapter at Freddie Mac.”