WASHINGTON — Adolfo Marzol, Chairman of U.S. Mortgage Insurers (USMI), today issued the following statement on the Federal Housing Finance Agency’s (FHFA) public release of Fannie Mae and Freddie Mac’s “Equitable Housing Finance Plans for 2022-2024,” which outline the government-sponsored enterprises’ (GSEs) proposed actions over the next three years to advance equity in housing finance.

“USMI commends the commitment considered in the GSEs’ Equitable Housing Finance Plans toward sustainable approaches that will meaningfully address racial and ethnic disparities in the housing finance system. Our members support efforts to remove barriers to homeownership, increase access and affordability, and promote sustainable homeownership for minority homebuyers. For 65 years, private mortgage insurance has provided access to mortgage financing for millions of borrowers, while also protecting American taxpayers from mortgage credit risk. As an industry focused on serving low down payment homebuyers, we look forward to continued collaboration with FHFA, the GSEs, and other industry stakeholders to advance policies that promote responsible access to equitable and sustainable homeownership while also supporting the GSEs’ safety and soundness.

“As the GSEs develop and implement programs and pilots to promote equitable access to affordable and sustainable housing, it is paramount that they carefully balance access to credit with policies that prudently manage risk to the GSEs. USMI welcomes the FHFA’s creation of the pilot transparency framework and supports increased oversight and accountability of pilots launched in furtherance of the GSEs’ Equitable Housing Finance Plans.”

Since 1957, the private MI industry has exclusively served low down payment borrowers and made sustainable homeownership available for more than 37 million borrowers. On October 25, 2021, USMI submitted a comment letter in response to the FHFA’s Request for Input (RFI) on the “Enterprise Equitable Housing Finance Plans,” detailing actions the GSEs should consider to promote sustainable homeownership and level the playing field for underserved homebuyers.

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.

WASHINGTON — U.S. Mortgage Insurers (USMI), the association representing the nation’s leading private mortgage insurance (MI) companies, today announced that Adolfo Marzol will serve as the association’s new Chairman of the Board. Marzol is currently an executive at Essent (NYSE: ESNT). He succeeds Derek Brummer, President of Mortgage at Radian Group (NYSE: RDN).

“For 65 years, the private MI industry has helped to provide first-time and low- to moderate-income borrowers with access to affordable and sustainable mortgage credit. The industry has continued to evolve and innovate so that it is better positioned today than ever before to support borrowers and to insulate the government and taxpayers from mortgage credit risk,” said Marzol. “As USMI Chairman, I look forward to working with my industry colleagues and the dedicated team at USMI to ensure the industry continues to play a critical role in the housing finance system and allows borrowers to succeed as sustainable homeowners for the long term.”

Marzol previously served as Principal Deputy Director of the Federal Housing Finance Agency (FHFA). Prior to joining FHFA, Marzol served as Senior Advisor for Housing to Dr. Benjamin S. Carson Jr., the 17^th U.S. Secretary for the Department of Housing and Urban Development (HUD). Marzol also brings more than 30 years of private sector experience in mortgage finance, including senior-level positions at Essent, Fannie Mae, and Chase Manhattan Mortgage. Marzol’s diverse industry and policy background includes extensive experience in the areas of mortgage origination and securitization, mortgage servicing, credit risk management, financial management and reporting, policy and governance, and public policy developments related to housing finance.

“Adolfo’s regulatory experience combined with his years of knowledge as a financial and risk management professional in the mortgage finance industry are invaluable assets to our industry association,” said outgoing USMI Chairman Derek Brummer. “Adolfo was instrumental in the creation of USMI and we are honored to welcome him back as our new chairman. I am personally grateful to his dedication and years of service to the housing finance system.”

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U.S. Mortgage Insurers (USMI) is dedicated to a housing finance system backed by private capital that enables access to housing finance for borrowers while protecting taxpayers. Mortgage insurance offers an effective way to make mortgage credit available to more people. USMI is ready to help build the future of homeownership. Learn more at www.usmi.org.