Fannie Mae announced on Wednesday that it has appointed Michael Seelig to its board of directors, where he will serve on the audit committee. Seelig’s mandate is to “help Fannie Mae fulfill its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” according to a statement from the government-sponsored enterprise (GSE).
Seelig joins the organization after serving as a senior executive at business advisory firm PricewaterhouseCoopers LLP (PwC), where he served as a partner from 1997 to 2022.
“Mike is another strong addition to our exceptional Board of Directors,” said Priscilla Almodovar, CEO of Fannie Mae. “His extensive financial services experience and strong leadership qualities are a great complement to those of his peers on the Board.”
Seelig will focus on assisting the organization in their mission of providing financing to the residential mortgage market, Almodovar added.
“Mike will help guide us as we continue advancing our mission to address the needs of homeowners and renters by providing financing to the residential mortgage market in a safe and sound manner,” she said.
Seelig’s career includes 35 years of experience in the financial services industry, with duties that have included risk navigation, mergers and acquisitions, regulatory matters, corporate governance, financial reporting and strategy. During his time at PwC, Seelig drove strategy and operations in national, market, and sector-based capacities under a variety of leadership roles.
Seelig is also a licensed certified public accountant and a member of the American Institute of Certified Professional Accountants, and currently serves or has served as a member of the board of multiple civic, educational, and faith-based organizations.
Fannie Mae currently backs nearly $4.1 trillion in U.S. residential real estate mortgages. According to a recent report, the GSE is currently considering a pilot program that would bypass traditional title insurance and would grant certain mortgage lenders a waiver on title insurance requirements for loans sold to Fannie Mae — with a possible rollout scheduled for this spring.
Earlier this month, Fannie Mae updated its Selling Guide to include more options for property valuations, indicating it is “moving away from implying that an appraisal is a default requirement.” It approved six firms to handle a new valuation initiative that cuts traditional appraisers out of the process.