Ginnie Mae has named Joseph M. Gormley as its new EVP and COO, tasked with overseeing Ginnie Mae’s mission to support stability in the nation’s housing markets.
Gormley held several senior roles at the U.S. Department of Housing and Urban Development (HUD), including Deputy Assistant Secretary for Single-Family Housing at the Federal Housing Administration (FHA) and Chief of Staff to the Deputy Secretary. Before his tenure at HUD, Gormley served as Assistant VP and Regulatory Counsel at the Independent Community Bankers of America (ICBA), where he focused on federal regulatory policy and compliance matters affecting community bankers. He also held positions at the Mortgage Bankers Association (MBA) and the Financial Industry Regulatory Authority (FINRA), where he advised on housing finance and capital markets regulation.
“I am very happy to see Joe Gormley take the helm at Ginnie Mae as Executive Vice President and Chief Operating Officer,” said HUD Secretary Scott Turner. “With Ginnie Mae’s central role in mortgage financing, his leadership will bring stability and strength to this segment of the housing market.”
As EVP and COO, Gormley will lead Ginnie Mae’s strategic initiatives, operational functions, and risk-management efforts, ensuring that the organization remains focused so that its programs are delivered efficiently, responsibly, and sustainably.
“I am honored to join Ginnie Mae and contribute to its important mission,” said Gormley. “I look forward to working with the dedicated team at the agency to strengthen and enhance the role of the MBS program in serving homeowners and renters across the country.”
Sam I. Valverde, former Acting President of Ginnie Mae, resigned from his role November 30, 2024. Valverde served in the Biden Administration as the Acting President of Ginnie Mae since May 2024, after previously holding the roles of Principal EVP and COO, since joining the organization in March 2022.
“Joe Gormley has been a valued voice in the housing community for years, and his appointment is a welcome development for independent mortgage lenders and the homeowners we serve,” said Scott Olson, Executive Director of Community Home Lenders of America (CHLA), a non-profit association that focuses on small- and mid-sized community-based mortgage lenders. “His knowledge of the challenges faced by community lenders makes him a strong asset to Ginnie Mae at a critical time for the market.”
