Former FHFA head Calabria joins board of Evolve Mortgage Services

Evolve Mortgage Services, an outsourcing solutions provider and developer of eMortgage tools and platforms, appointed housing policy expert and economist Mark Calabria, a former director of the Federal Housing Finance Agency, to its advisory board. 

Appointed by then-President Donald Trump to the helm of the FHFA, Calabria guided the agency through the first year of the COVID-19 pandemic. During his tenure, he argued for fewer homebuilding regulations and increased secondary market competition, but also introduced a controversial adverse-market fee at the height of the pandemic.  

Known for his firm stance toward removing Fannie Mae and Freddie Mac from conservatorship, he actively worked on increasing the capital position of the government-sponsored enterprises while at the FHFA, in order to prepare them for their exit.

Calabria was fired from the leadership role by President Joe Biden last year, leading to a suspension of conservatorship-exit efforts. Earlier this year, Calabria made headlines when he called the current state of the mortgage industry a “ticking time bomb” headed for a meltdown, which would necessitate another bailout of the GSEs.  

Some responsibilities of the Evolve advisory board include exposing the management team to innovations, broadening horizons and challenging assumptions, according to its charter. As a member, Calabria will provide advice and guidance to company leadership, promote its services within the industry and help expand its network through strategic planning. Current members will serve a one-year term from July 1, 2022, to June 30, 2023.

“Mark has impressed us with his business acumen, caliber of achievements and invaluable expertise,” Evolve Founder and CEO Paul Anselmo said in a press release. 

“The vast array of talent and knowledge Calabria brings will help accelerate our growth and expand our digital footprint as we continue to evolve our solutions to change the way loans are bought and sold in the marketplace.”

Based in Frisco, Texas, Evolve was founded in 1991 and was formerly known as MRN3. In addition to eMortgage solutions, the company also offers origination and post-closing services and third-party reviews.

Before taking the reins of the FHFA, Calabria served as chief economist to then-Vice President Mike Pence. His policy background also includes roles as a senior aide to the U.S. Senate Committee on Banking, Housing, and Urban Affairs, where he helped draft the Housing and Economic Recovery Act of 2008. He is also a former deputy assistant secretary for regulatory affairs in the office of housing at the Department of Housing and Urban Development. Calabria also serves as a senior advisor to the Cato Institute, a libertarian think tank.