Seth Appleton has been named president of U.S. Mortgage Insurers (USMI), the association representing the nation’s leading private mortgage insurance (MI) companies in an industry with $1.5 trillion of insurance-in-force.
Appleton currently serves as president of the Mortgage Industry Standards Maintenance Organization (MISMO). He will transition to president of USMI starting in January 2023.
Appleton also currently serves as co-chair of the Bipartisan Policy Center’s Housing Council and previously served as Assistant Secretary for Policy Development and Research at the U.S. Department of Housing and Urban Development (HUD), a position for which he was confirmed unanimously by the U.S. Senate.
Appleton is a seasoned legislative, regulatory, and public policy professional with a track record of working across the aisle to deliver results, as proven by his role in helping to pass reauthorization legislation that reformed housing policies for the first time in decades and was unanimously passed by a Republican-led Congress and supported and signed into law by President Obama.
“With a deep knowledge of the mortgage industry and a proven record of bipartisan advocacy, Seth is the right leader to promote the mission of the private mortgage insurance industry in helping first-time homebuyers achieve the American dream of homeownership,” says Adolfo Marzol, board chairman at USMI, in a release. “Seth’s diverse experience in senior roles at HUD, Ginnie Mae, MISMO, and on Capitol Hill stand out. He knows how to collaborate to get things done in Washington, and we are excited to bring his proven leadership to USMI.”
“I am honored to join the private mortgage insurance industry at a time when sustainable low down payment lending – backed by private capital – is so important to borrowers and the entire housing finance system,” says Appleton. “Over 37 million low down payment borrowers have gained access to affordable and sustainable mortgage financing by utilizing private mortgage insurance. This track record of serving borrower needs while reducing risk to the housing finance system is the foundation for broad bipartisan support for the role of private MI.”
“As USMI President, I look forward to communicating the value of private MI in unlocking the opportunity to buy a home for millions of additional families in the years to come, while at the same time providing safety and soundness for the housing finance system.”
Separately, MISMO has announced that Vice President of Operations Jan Davis will serve as acting president, following the departure of Appleton.