Freddie Mac has named financial-industry regulatory knowledgeable Dennis Hermonstyne Jr. senior vice chairman and chief compliance officer.
Hermonstyne joins the government-sponsored enterprise based mostly in McLean, Virginia, after holding related management positions at monetary establishments and authorities businesses all through his profession, together with most not too long ago at Santander Financial institution, the place he served as government vice chairman and chief compliance officer. Whereas on the financial institution, Hermonstyne was accountable for guaranteeing regulatory soundness of the corporate’s U.S. operations. Previous to becoming a member of Santander in 2017, Hermonstyne was deputy chief compliance officer at E-Commerce Financial institution, and beforehand, he labored in authorized roles at federal regulatory businesses, together with the Board of Governors of the Federal Reserve System. He’s scheduled to start his new place on Sept. 19 and in addition turns into a member of Freddie Mac’s senior working committee.
“Dennis is an achieved compliance officer with broad expertise at nationwide and worldwide monetary companies corporations. He will likely be a wonderful addition to Freddie Mac’s senior working committee,” mentioned CEO Michael DeVito in a press launch.
Throughout Hermonstyne’s tenure at Santander, a subsidiary of Santander Group headquartered in Boston, the financial institution expanded its footprint into Miami whereas decreasing its variety of branches in New England. Earlier this yr, the financial institution introduced it will exit mortgage lending and reevaluate its involvement in some business segments because it focuses on auto and client lending.
In his new position at Freddie Mac, Hermonstyne will handle the GSE’s compliance danger administration program to make sure adherence to authorized, regulatory and conservatorship obligations.
Latest initiatives Freddie Mac embarked upon or expanded this yr embody automated rent-based underwriting and extra widespread acceptance of digital information for verification functions. The corporate additionally created a new chief range and inclusion officer position in Could.
The Federal Housing Finance Company has confronted ongoing stress from Republican members of Congress to launch each Freddie Mac and Fannie Mac from authorities conservatorship, which they entered in 2008.
Within the first quarter, Freddie Mac reported earnings of $3.8 billion, whereas its web price elevated to $31.7 billion.