Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Politics & Money

Freddie Mac names Mauricio chief compliance officer

Mauricio will oversee Freddie Mac’s compliance risk management program

Freddie Mac announced today that Jerry Mauricio, who has served as the entity’s chief compliance officer since January 2021, will transition to the permanent role.

He will be a member of the company’s senior operating committee and report directly to Freddie Mac’s CEO, Michael DeVito. Mauricio will oversee the regulated entity’s compliance risk management program for its regulatory and conservatorship obligations.

“[Mauricio’s] proven compliance and management expertise in both global and domestic financial services companies makes him an outstanding choice to be Freddie Mac’s chief compliance officer,” said Michael DeVito, CEO of Freddie Mac. “I look forward to working closely with [Mauricio] as we ensure Freddie Mac’s safety, soundness and risk management are second to none.”

Mauricio has been at the firm in a number of roles since 2019. He was previously the CCO and senior vice president at Capital One Investing and Capital One Advisors. Before that, he was a compliance officer at financial institutions including BNP Paribas, Barclays and now-defunct Lehman Brothers.

Mauricio’s transition to a permanent role comes at a critical time for the government sponsored entities.

In recent months, there have been numerous high-level departures from Fannie Mae and, to a lesser degree, Freddie Mac. Ex-employees say restrictive compensation levels under conservatorship have led some to seek better-paying gigs in the private sector.

A spokesperson for Freddie Mac did not immediately respond to an inquiry about how many roles have yet to be filled. A survey of LinkedIn listings shows 130 open positions at Freddie, 32 of which were posted in the last 24 hours.

Freeing the regulated entities from conservatorship was a key priority of the Federal Housing Finance Agency’s former director, Trump-appointee Mark Calabria.

But hope for ending the arrangement — a lucrative one for the federal government — diminished when President Donald Trump failed to secure reelection. Days after last year’s presidential election, Freddie Mac’s previous CEO, David Brickman, announced he would step down. Brickman went on to head up a commercial mortgage venture, NewPoint Real Estate Capital. It took Freddie Mac six months to name a new CEO, Wells Fargo alum DeVito.

But any remaining hope that the federal government would release the GSEs was quashed last month, when a Supreme Court decision gave the President the power to fire the FHFA director at-will. Within hours, Biden removed Calabria and appointed Sandra Thompson, a longtime regulator.

Leave a comment

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please