Kevin Palmer has been appointed to head Freddie Mac’s multifamily small business, helpful Could 9.
A business veteran, he moves to his new post right after serving as senior vice president for single-household portfolio management.
“Over the program of his far more than two many years at Freddie Mac, Kevin Palmer has shown broad understanding of the mortgage market, a deep knowledge of our organization, and an unyielding commitment to our mission. These features make him the ideal leader to get our multifamily business enterprise forward,” explained Michael DeVito, CEO of Freddie Mac. “Freddie Mac Multifamily has a prolonged and successful keep track of document of supporting economical rental housing, controlling chance, and innovating to assist our clients. Kevin’s background and experience will assist us proceed that essential operate.”
Freddie Mac obtained $70 billion in multifamily financial loans in 2021, achieving its Federal Housing Finance Agency (FHFA) volume cap for the yr. In addition, the governing administration-sponsored enterprise (GSE) produced $674 million in small-cash flow housing tax credit score equity investments, bringing its overall multifamily housing help to $70.7 billion for the year.
The GSE financed somewhere around 650,000 rental units, of which 95% are economical to homes earning at or under 120% of the area median income (AMI).
For 2022, the FHFA has established the multifamily financial loan caps for Fannie Mae and Freddie Mac at $78 billion. The caps involve the 50% mission-pushed requirement, but the assist for units very affordable at 60% of the AMI has improved from 20% of volume in 2021 to 25% this calendar year.
In prior roles, Palmer had wide responsibility for Freddie Mac’s solitary-family portfolio, overseeing pricing, servicing, credit rating risk transfer, and numerous other cash marketplaces and danger management functions.
He will provide as a member of the company’s Senior Functioning Committee and report to the company’s president, Mike Hutchins.
“I’ve experienced the satisfaction of operating together with Kevin for numerous years—his leadership, money marketplaces expertise, and motivation to Freddie Mac make him uniquely qualified to direct our multifamily organization,” Hutchins claimed. “Kevin will deliver these and other attributes to this critically important part. I glance forward to functioning extra intently with him to improved provide our mission and increase our monitor history as a leading financier of very affordable rental housing throughout the United States.”
Palmer will take more than as head of multifamily just after the departure of Debby Jenkins, who left to be part of Kayne Anderson True Estate at the end of very last calendar year.