The government corporation is also seeking an executive vice president and chief operating officer to manage daily operations and round out the leadership team.
In a statement, McCargo said she “relied heavily” on Valverde’s expertise and leadership over the past year. He joined Ginnie in March 2022 following a stint as supervising attorney advisor for the Federal Housing Finance Agency (FHFA). He was appointed to principal executive vice president in January 2023.
“Sam and I are excited about strengthening this leadership team with a new EVP and COO who will be crucial to ensuring stability of Ginnie Mae’s securitization and housing finance operations into the future,” McCargo said.
The role of EVP and COO will be responsible for managing Ginnie Mae’s daily operations, including all mortgage-backed security operations, counterparty risk management, contracting, budget and legislative initiatives, and overall risk management of the organization through eight program offices, including the office of the president.
The position is based in Washington, D.C.
In fiscal year 2022, which ended Sept. 30, Ginnie issued more than $649 billion in mortgage-backed securities that supported 2.2 million households. Although new issuance fell year-over-year, Ginnie Mae’s total outstanding portfolio of guaranteed MBS reached an all-time high of $2.284 trillion, representing a 7% increase.
The government corporation in October announced changes to the re-pooling seasoning requirement for re-performing loans, which it says will increase issuer liquidity. The government mortgage insurer will shorten the seasoning requirement from six months to three months and allow issuers the option to pool re-performing loans into TBA-eligible Ginnie Mae II Multi-Issuer Pools.
The changes are to take place no later than the end of the first quarter of 2023.