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14 G O V E R N M E N T FHFA APPOINTS CSS CHAIRMAN e Federal Housing Finance Agency (FHFA) has announced that J. Christopher "Chris" Giancarlo, former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), will serve as independent, non- Executive Chairman of the Board of Directors of Common Securitization Solutions LLC (CSS), and that CSS will amend the structure of its Board of Directors. is amended structure provides Anthony Renzi, appointed in December 2019 as CSS CEO, a seat on the Board and also allows FHFA to appoint up to three additional independent directors. "Chris Giancarlo is the right person to serve as independent Chairman of the CSS Board. Chris' unique balance of public service and financial sector experience will be an asset to CSS," said FHFA Director Mark Calabria. "Now is the time to add independent CSS Board members to assess and enable additional entrants onto the CSP. More competition means lower costs for consumers and a more liquid and stable housing finance market." CSS, a joint venture between Fannie Mae and Freddie Mac, built and runs the technology platform that supports the Uniform Mortgage- Backed Security (UMBS). Both GSEs began using the CSS Common Securitization Platform (CSP) in June of 2019. e FHFA's announcement was applauded by Housing Policy Council (HPC) President Ed DeMarco, who previously served as Acting Director of FHFA and helped develop the vision for CSP. "HPC applauds this initiative by FHFA Director Mark Calabria and welcomes the selection of Chris Giancarlo to Chair the CSS Board," said DeMarco in a statement. "is is a long overdue step to directly engage private sector participation in the governance and decision-making of this key infrastructure. Virtually all housing finance reform bills envision CSS as a critical industry platform for mortgage securitization, not a proprietary infrastructure for the exclusive use of the GSEs." Movers & Shakers Got something to share with us? Send it to Editor@DSNews.com. After Mr. Cooper Group announced Mike Rawls had been named as CEO of Xome Holdings LLC., the company's real estate services subsidiary, two Mr. Cooper executives have provided DS News with exclusive quotes about the change. "Given Mike's track record with our servicing business, he is in a unique position to help Xome achieve its full potential as a leading integrated services provider for the mortgage industry. Mike has led our servicing and originations businesses in his tenure with Mr. Cooper," said Jay Bray, Chairman and CEO, Mr. Cooper Group, in a quote provided exclusively to DS News. "He understands the process and complexities in these businesses and will work with clients to reduce pain points and deliver a better client experience." Tony Ebers, COO, Mr. Cooper Group, also told DS News, "Mike has done a tremendous job growing and transforming the Mr. Cooper servicing organization as we've worked to create franchise value for our customers," said Tony Ebers, COO, Mr. Cooper Group. "I am very excited to work more closely with our servicing team as we continue to focus on enhancing the experience for our customers, giving them a seamless and rewarding experience across their homeownership journey." In the initial announcement, Rawls said of the appointment: "I'm excited to be working with the very strong team in place at Xome. e focus of the organization will remain on delivering best-in-class performance at the highest levels of service to our partners. In addition, we are going to continue to actively listen to our clients and build integrated and innovative solutions that move the marketplace." Rawls will transition operational leadership for the servicing segment to Tony Ebers, Mr. Cooper's EVP and COO. Xome's prior CEO, Rayman Mathoda, will remain with the company as a strategic advisor. "Given Mike's track record with our servicing business, he is in a unique position to help Xome achieve its full potential as a leading integrated services provider for the mortgage industry." —Jay Bray, Chairman and CEO, Mr. Cooper Mr. Cooper's Bray, Ebers on Rawls' Xome Promotion S P O T L I G H T P R O F I L E L E N D E R S / S E R V I C E R S