fannie mae announced Wednesday that it has appointed Michael Seelig to its board of directors. He will be a member of the Audit Committee. Seelig’s mission is to “help Fannie Mae fulfill its mission of promoting equitable and sustainable access to homeownership and quality, affordable rental housing across America.”
Seelig joins the organization after serving as a senior executive at a business advisory firm. PricewaterhouseCoopers LLP (PwC), where he was a partner from 1997 to 2022.
Fannie Mae CEO Priscilla Almodóvar said: “His extensive financial services experience and strong leadership qualities are a great complement to his board colleagues.”
Seelig will focus on helping organizations fulfill their mission of providing loans to the mortgage market, Almodovar added.
“Mike will help guide us as we continue to advance our mission to meet the needs of homeowners and renters by providing financing to the mortgage market in a safe and sound manner. will,” she said.
Seelig’s career includes 35 years of experience in the financial services industry, covering risk navigation, mergers and acquisitions, regulatory matters, corporate governance, financial reporting and strategy. During his tenure at PwC, Seelig has driven strategy and operations across country, market and sector-based competencies under various leadership roles.
Seelig is a certified public accountant, a member of the American Institute of Certified Public Accountants, and currently serves or has served on the boards of several civic, educational, and religious organizations.
Fannie Mae currently backs approximately $4.1 trillion in US residential real estate loans. According to a recent report, the GSE is currently considering a pilot program to bypass traditional title insurance and waive certain mortgage lenders from the title insurance requirement on loans sold to Fannie Mae.
Earlier this month, Fannie Mae updated the selling guide to add an option for property valuations, to show that it “stays away from suggesting that valuations are a default requirement.” Approved six of her companies to handle new appraisal initiatives that remove traditional appraisers from the process.