Douglas G. Duncan, current SVP and Chief Economist at Fannie Mae, has officially announced his retirement via a LinkedIn post late Friday afternoon.
Duncan’s post on his LinkedIn page ended speculation of an impending retirement and exit from the GSE.
“I noticed someone ran a story about me retiring, so I thought I had better do it,” said Duncan in his post. “Details include stepping down as Chief Economist September 22, and then packing up all great memories and artifacts and people contact information for the next three months before turning in my ID badge at Fannie at the end of December.”
In his role as SVP and Chief Economist at Fannie Mae, Duncan is responsible for forecasts and analyses of the economy and the housing and mortgage markets. He also oversees strategic research regarding the potential impact of external factors on the housing industry. Duncan is Fannie Mae’s source for information and analyses on demographics and the external business and economic environment; the implications of changes in economic activity on the company’s strategy and execution; and for forecasting overall housing, economic, and mortgage market activity.
Under his leadership, Fannie Mae’s Economic & Strategic Research (ESR) Group earned the 2022 Lawrence R. Klein Award for Blue Chip Forecast Accuracy recognizing their industry-leading work over a four-year period. In both 2015 and 2016, Duncan and the ESR Group won the NABE Outlook Award, presented annually for the most accurate GDP and Treasury note yield forecasts, becoming the first recipient in the award’s history to capture the honor two years in a row.
In his post, Duncan eluded to his continued industry involvement and not completely stepping away from serving as a trusted source for all factors related to the housing market.
“But really, do folks grown up on a farm just go out to pasture or do they just move to a different field requiring slightly less tilling? I am sure you will see me leaning over the fence swapping neighborly stories and discussing whether this year will bring a good crop of homes and mortgages,” continued Duncan in his post. “In fact, some have suggested ways of keeping busy not involving golf or fishing or wine … well maybe wine … and connected to those familiar fields. I haven’t decided except I am getting a new pair of cowboy boots to celebrate … and teaching the grandkids the virtues of faith, education, hard work, and homeownership.”
Duncan was named one of Bloomberg/BusinessWeek’s 50 Most Powerful People in Real Estate, and Inman News’ 100 Most Influential People in Real Estate.
“What a blessing it has been to have Doug as our guiding compass for these past two decades,” said Ed Delgado, Chairman Emeritus, Five Star Global and Managing Director, Mortgage Policy Advisors. “His keen economic insights and views helped to chart a course for the mortgage industry and the nation owes him a debt of gratitude.”
Celebrating a Storied Career
Prior to joining Fannie Mae, Duncan was SVP and Chief Economist at the Mortgage Bankers Association (MBA). His experience also includes work on the Financial Institutions Project at the U.S. Department of Agriculture and service as a LEGIS Fellow and staff member with the Committee on Banking, Finance, and Urban Affairs for Congressman Bill McCollum in the U.S. House of Representatives. Previously, Duncan was a Board member of the National Association of Business Economics (NABE) and a Board member and Chairman of Strategies to Elevate People (STEP).
Duncan is a Hoyt Professional Fellow at the Homer Hoyt Institute. He was chosen as the North Dakota State University College of Agriculture Alumni of the Year in 2018. He was also elected as a Trustee of North Dakota State University in 2022.
He received his Ph.D. in Agricultural Economics from Texas A&M University and his B.S. and M.S. in Agricultural Economics from North Dakota State University.
Next in Line
According to Duncan’s LinkedIn post, Mark Palim, current VP and Deputy Chief Economist for Fannie Mae, will be taking over the role as Fannie Mae Chief Economist upon Duncan’s departure.
“Incidentally, you will need to get to know Mark Palim who will be stepping into the Chief role,” added Duncan. “You will quickly figure out it was Mark and the rest of the team doing the work. He will impress you with his intellect and demeanor. The insights you have come to expect from Fannie research will only increase under Mark’s leadership.”
In his role as Fannie Mae’s VP and Deputy Chief Economist, Palim focuses on the impact of trends in the financial services sector on the economy and on the GSE. Prior to joining Fannie Mae in 2009, Palim worked as a Senior Associate, Manager, and Director for PricewaterhouseCoopers, and served as Principal at LECG. He has been a consulting and testifying expert in antitrust cases and disputes in the financial services industry. Palim was first involved with economic forecasting and mortgage securities in 1988, when he was a Portfolio Manager and also reported to the Chief Economist at Mercantile Safe Deposit and Trust Company. Subsequently, he continued his work on macroeconomic and policy issues as a staff economist for the National Association of Federal Credit Unions (NAFCU).
MortgagePoint had the opportunity to chat with both Duncan and Palim earlier this year on the state of the housing space in 2024. Click here to view the full story.
“Keep in touch,” concluded Duncan in his LinkedIn post. “I am working on a record setting contact list.”
