Acting President Named at Ginnie

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MORTGAGE EXPERT
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The president of the Government National Mortgage Association will depart with the outgoing administration, and an acting replacement has been named.

Theodore W. Tozer was sworn in as president of Washington-based Ginnie Mae in February 2010. He was nominated by President Barack Obama.

Tozer previously worked as
senior vice president of capital markets at National City Mortgage and spent three decades in the mortgage capital markets.

Under Tozer’s leadership, annual issuance of Ginnie Mae mortgage-backed securities has gone from $398 billion
in 2010 to $526 billion last year.

As of year-end 2016, there were $1.77 trillion in Ginnie Mae MBS outstanding, growing from 2010, when the total first surpassed $1 trillion.

On the day that President-elect Donald J. Trump is inaugurated, Tozer is leaving his post, a spokeswoman for the Department of Housing and Urban Development confirmed in an email statement.

Until Trump appoints a new president for the government-owned corporation,
Nancy Corsiglia will be acting president.

Corsiglia, who is executive vice president and chief operating officer, joined Ginnie in July 2016, according to her LinkedIn profile.

She was managing director at Devonshire Advisory Group for more than a decade before that. During the same period, she simultaneously served as a member of the board of directors at Private National Mortgage Acceptance Company Mortgage Opportunity Funds — an entity managed by a unit of PennyMac Financial Services Inc.

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