Michael J. Williams has been tapped as the new CEO of national lender Prospect Mortgage.
Williams has served as chairman of Prospect's board of directors since December 2012. He takes over the leadership role from Ronald L. Bergum, who is transitioning from his role as CEO to managing partner. Williams will continue to serve as chairman of the board.
As per a company press release, Bergum built Prospect from the ground up and established it as a top-15 originator of home purchase loans in the country. In his new role, he will focus on strategic growth initiatives, acquisitions and product development.
Prior to joining Prospect, Williams spent more than 20 years in key roles at Fannie Mae, becoming the company's CEO in 2009. He led the company through its transition into conservatorship under the Federal Housing Finance Agency.
During Williams' tenure, Fannie Mae experienced a dramatic turnaround, from a $23 billion loss in the first quarter of 2009 to a profit of $5.1 billion in the second quarter of 2012. Under his leadership, Fannie Mae provided more than $2.7 trillion in loans to the market, enabling more than 2.2 million families to purchase homes, 8.1 million homeowners to refinance their mortgages, and 1.3 million units of affordable rental housing to be constructed.
In November 2012, Williams was appointed to the board of directors of Realogy Holdings Corp., a franchisor of real estate brokerages including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA and Sotheby's International Realty.
