Fannie Mae revealed on Wednesday that it has actually designated Michael Seelig to its board of directors, where he will serve on the audit committee. Seelig’s required is to “assist Fannie Mae satisfy its objective to help with fair and sustainable access to homeownership and quality cost effective rental real estate throughout America,” according to a declaration from the government-sponsored business (GSE).
Seelig signs up with the company after acting as a senior executive at organization advisory company PricewaterhouseCoopers LLP (PwC), where he acted as a partner from 1997 to 2022.
” Mike is another strong addition to our remarkable Board of Directors,” stated Priscilla Almodovar, CEO of Fannie Mae. “His comprehensive monetary services experience and strong management qualities are a fantastic enhance to those of his peers on the Board.”
Seelig will concentrate on helping the company in their objective of offering funding to the domestic home mortgage market, Almodovar included.
” Mike will assist assist us as we continue advancing our objective to attend to the requirements of property owners and tenants by offering funding to the domestic home mortgage market in a protected way,” she stated.
Seelig’s profession consists of 35 years of experience in the monetary services market, with responsibilities that have actually consisted of threat navigation, mergers and acquisitions, regulative matters, business governance, monetary reporting and technique. Throughout his time at PwC, Seelig drove technique and operations in nationwide, market, and sector-based capabilities under a range of management functions.
Seelig is likewise a licensed qualified public accounting professional and a member of the American Institute of Qualified Expert Accounting professionals, and presently serves or has actually acted as a member of the board of several civic, instructional, and faith-based companies.
Fannie Mae presently backs almost $4.1 trillion in U.S. domestic property home loans. According to a current report, the GSE is presently thinking about a pilot program that would bypass conventional title insurance coverage and would approve particular home mortgage loan providers a waiver on title insurance coverage requirements for loans offered to Fannie Mae– with a possible rollout arranged for this spring.
Previously this month, Fannie Mae upgraded its Selling Guide to consist of more alternatives for home evaluations, suggesting it is “moving far from suggesting that an appraisal is a default requirement.” It authorized 6 companies to deal with a brand-new evaluation effort that cuts conventional appraisers out of the procedure.