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Fannie COO Departing

The top operations executive at the Federal National Mortgage Association has advised the government-controlled company of his impending departure.

Terence W. Edwards was appointed COO of the Washington-based company in September 2013. He started at Fannie Mae in 2009.

He is responsible for the credit portfolio management organization. In addition, Edwards oversees Fannie’s common securitization platform work.

Edwards, who is also an executive vice president, said he plans to leave Fannie during the first half of next year, according to a filing with the Securities and Exchange Commission.

His responsibilities were transitioned to others on Sept. 21.

Until his departure, however, Edwards’ is still responsible for oversight of other strategic initiatives. He’ll additionally continue to play a role in the common securitization platform work.

Before his time at Fannie, Edwards was president and chief executive officer of Mount Laurel, N.J.-based PHH Corp.

Edwards, along with former PHH Corp. chairman A.B. Krongard, was ousted following the election of two directors nominated by Pennant Capital Management LLC — which, at the time, claimed PHH was poorly managed under the leadership of the pair.

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