David Lowman, executive vice president of the single-family business at Freddie Mac, has informed the company he will be stepping down from his position on or about Nov. 1.
“With over six years at Freddie Mac, I want to take advantage of opportunities presented by the rapidly evolving mortgage finance marketplace and its adjacent industries,” Lowman said in a press release. “It’s been a great run, and I would like to thank my colleagues and my team for their many contributions to the overall growth and success of our business.”
Lowman originally joined Freddie Mac in 2013, and the government-sponsored enterprise credits him with playing a role in improving its affordable housing efforts and developing numerous technology tools used by mortgage companies during his tenure.
Donna Corley, a senior vice president and chief risk officer for the single-family business, will become the interim head of single-family lending after Lowman departs. She also will be part of a group of internal and external candidates Freddie Mac is considering in its search for a permanent successor to Lowman.
Corley, who joined Freddie Mac more than 24 years ago, has been largely focused on overseeing a team of 500 people that manage single-family business risks at the GSE.
The transition to interim head of single-family lending may require Corley to be more focused on external relationships at the company than in the past as she will have responsibility for the oversight of the GSE’s mortgage lenders and servicers. She also will be responsible for the internal performance of Freddie’s guarantee book and operations.