Freddie Mac

DeVito takes over on June 1, replacing interim CEO Mark Grier, who returns to his seat on the government-sponsored agency's board.

Only $89 billion of the $362 billion in new single-family volume came from purchase mortgages.

New assistance for renters may help but past efforts, while necessary, failed to get relief to renters in an expedient way, said David Brickman, who is now the head of a new agency lending platform backed by Barings and Meridian Capital.

The company is still searching for someone to fill the roll on a full-time basis, but the $600,000 annual salary cap may limit the candidate pool.

Some applaud the agency's recent delay of the mandatory compliance date for a new Qualified Mortgage standard. Others say it leads to more uncertainty for lenders, opens the door to additional changes and enables some companies to loosen their underwriting.

The agency issued a proposal moving the compliance date for the Qualified Mortgage rule revamp to October 2022.

The $16.9 billion in issuance marked the biggest annual number seen since the government-sponsored enterprise reconstituted its risk sharing program in 2013.

The company purchased $1.1 trillion of single-family mortgages and $83 billion of multifamily loans during 2020.

Investors were also reacting to the inauguration of Joe Biden and uncertainty over additional fiscal relief, Freddie Mac’s Chief Economist Sam Khater said.

The Biden administration could encourage the FHFA to increase the caps or restore exclusions for certain types of loans, which would boost overall volumes.