HousingWireHousingWire
The government-owned company responsible for a large portion of secondary mortgage market activity has appointed a new senior leader.
Ginnie Mae has appointed Joseph Gormley to serve as its new executive vice president and chief operating officer. He will oversee the company’s overarching mission to support stability across U.S. housing markets, the company said on Wednesday.
“I am very happy to see Joe Gormley take the helm at Ginnie Mae as Executive Vice President and Chief Operating Officer,” said Scott Turner, secretary of the U.S. Department of Housing and Urban Development (HUD). “With Ginnie Mae’s central role in mortgage financing, his leadership will bring stability and strength to this segment of the housing market.”
Gormley is a housing veteran of the first Trump administration, having joined the Federal Housing Administration (FHA) and HUD in 2017. He previously served as chief of staff to the then-FHA Commissioner Brian Montgomery — a position that placed him as the principal adviser to the commissioner and other senior HUD leaders on policy, priority initiatives, strategic planning and resource management.
Prior to his initial stint working in the federal government, Gormley served as assistant vice president and regulatory counsel at the Independent Community Bankers of America (ICBA). He served there as a policy lead on legal and regulatory issues, including consumer financial protection laws.
Gormley has also served as associate regulatory counsel for the Mortgage Bankers Association (MBA), and he worked for the Office of Fraud Detection and Market Intelligence at the Financial Industry Regulatory Authority (FINRA).
In January 2020, near the end of the first Trump administration, Gormley was appointed to serve as the FHA’s deputy assistant secretary of single-family housing.
“I am honored to join Ginnie Mae and contribute to its important mission,” Gormley said in a statement. “I look forward to working with the dedicated team at the agency to strengthen and enhance the role of the MBS program in serving homeowners and renters across the country.”
Ginnie Mae currently remains without a permanent president. Gregory Keith continues to serve in the role on an acting basis, but the White House has yet to nominate a candidate for the full-time leadership position.
