Joseph Gormley has been nominated to serve as the next president at Ginnie Mae.
Gormley currently serves as Ginnie Mae’s executive vice president and chief operating officer. He was tapped for that position in April.
Gormley has extensive experience in housing policy and financial services. He has held several senior roles at the U.S. Department of Housing and Urban Development, including deputy assistant secretary for single family housing at the Federal Housing Administration (FHA) and chief of staff to the deputy secretary.
Beyond his service at HUD, Gormley held roles at the Independent Community Bankers of America (ICBA) as assistant vice president and regulatory counsel, as well as at the Mortgage Bankers Association and the Financial Industry Regulatory Authority.
In a statement, Bob Broeksmit, CMB, president and CEO of the Mortgage Bankers Association, says Gormley “is an outstanding choice to serve as the next Ginnie Mae President.”
“MBA overwhelmingly supports his nomination and believes his deep experience in housing finance policy, including in senior roles at Ginnie Mae, the Department of Housing and Urban Development, and MBA, make him well-qualified to lead the agency’s mission of ensuring mortgage market liquidity, sustainability, and affordability,” Broeksmit says. “We will work with Joe Gormley, HUD Secretary Scott Turner, and their staffs on policies and initiatives that modernize the agency’s technology to improve overall issuer experience, increase liquidity for Ginnie Mae mortgage-backed securities, promote affordable homeownership and rental housing, and bring more private capital to the housing finance system.”
As of June, Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding had grown to $2.78 trillion.
In addition, the company issued $48 billion in total MBS, resulting in net portfolio growth of $22 billion.
Ginnie Mae has facilitated the pooling and securitization of more than 337,000 loans for first-time homebuyers year to date.