Ginnie Mae has promoted Sam Valverde, former executive vice president and chief operations officer, to principal executive vice president. The company is now looking for a new EVP and COO to replace Valverde.
Valverde will become second in command after Ginnie Mae president Alanna McCargo. The company said in its official announcement that the EVP and COO role will transition back to a permanent, Federal career senior executive service position.
In this role, Valverde’s successor will be responsible for managing the government-sponsored firm’s daily operations, including all mortgage-backed security operations, counterparty risk management, contracting, budget and legislative initiatives, and overall risk management of the organization through eight program offices, including the office of the president.