Fannie Mae and Freddie Mac announced Thursday the appointment of Anthony Renzi as the new CEO of Common Securitization Solutions, the joint venture between the two companies that developed and implemented the single security.
In this new role, Renzi will assume responsibility for the platform that supports the administration of the new Uniform Mortgage-Backed Security and define CSS’s future role in housing finance.
The new role became effective as of Dec. 2, 2019. Renzi succeeds David Applegate, who announced earlier this year that he would be stepping down as CSS CEO by year-end.
The initiative for a single securitization infrastructure between the two entities has been around for quite some time.
In 2013, the companies established CSS to design and implement the single GSE bond through the Common Securitization Platform. Applegate was appointed CEO at the jointly owned company’s launch. But in June, Fannie and Freddie announced that Applegate would be stepping down.
“CSS has been a remarkable success story. It now administers, on behalf of Fannie Mae and Freddie Mac, nearly 1 million securities, backed by loans with $4.8 trillion in unpaid principal balance,” said Jerry Weiss, Freddie Mac executive vice president and chairman of the CSS Board of Managers. “The appointment of Tony Renzi signals our commitment to a seamless transition in leadership that will pave the way for continued progress at CSS.”
The appointment of Renzi is the result of a nationwide search for qualified candidates to lead the joint venture, which has been instrumental in building and running the technology platform that supports the new Uniform Mortgage-Backed Security, the companies said.
“We are fortunate to have found an individual with deep industry experience in leading large, complex organizations,” said David Benson, Fannie Mae president and CSS board member. “We’re delighted to welcome Tony to the CSS organization and look forward to working with him to strengthen and grow the services provided by CSS.”
Previously, Renzi was the CEO of Walter Investment Management Corp., which later changed its name to Ditech Holding Corp. Renzi later became the president and chief operating officer of Cenlar FSB, one of the nation’s largest mortgage subservicers.
Walter Investment (now Ditech) announced that Renzi would be stepping down as the nonbank’s CEO just as the company was set to emerge from bankruptcy. Renzi took over at Walter in September 2016, becoming the company’s fourth CEO in just under a year.
Renzi came to Walter from Citigroup, where he served as the chief operating officer, managing director and head of operations for Citi’s North America retail bank, commercial bank and CitiMortgage.
Earlier in his career, Renzi was executive vice president of the single-family business, operations and technology at Freddie Mac, chief operating officer of GMAC Residential Capital and served as president of GMAC Mortgage from 2001 to 2010.
“I’m excited to be with an organization that enabled the launch of the UMBS,” Renzi said. “We have the opportunity to continue to support Fannie Mae and Freddie Mac and further define the future of CSS and how it will support the housing finance industry.”