The Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) has appointed mortgage and financial services veteran Ravi Shankar to serve as senior vice president and head of its single family portfolio and servicing division, the company announced on Tuesday.
Shankar, who has more than 30 years of experience managing finance, capital markets, portfolios, and mortgage trading operations, will report to Freddie Mac President Mike Hutchins. The position will give him “broad responsibility” over portfolio management, servicing and the processes and technology that support them, according to a statement from FHLMC.
“Ravi Shankar brings substantial experience to the company as a respected financial services leader, portfolio manager and Freddie Mac alum. I am pleased to welcome him back to the company,” Hutchins said in the statement. “I look forward to working with this talented executive as we continue to fulfill Freddie Mac’s important mission of making home possible.”
Shankar is returning to Freddie Mac after a 2013-2019 stint with the government-sponsored enterprise (GSE). During that time, Shankar worked as SVP for single family portfolio management before transitioning to deputy head of investments and capital markets.
Shankar’s most recent roles were as senior advisor for Boston Consulting Group and United Wholesale Mortgage (UWM). Prior to joining Freddie Mac, Shankar held various positions with JP Morgan Chase and Citigroup.
In Q3 2022, revenue and net income were down for both Freddie Mac and its fellow GSE, the Federal National Mortgage Association (FNMA, or Fannie Mae). Both companies have said they expect the housing market to further deteriorate in Q4.
The GSEs have set aside $4.3 billion in credit loss builds collectively to account for the expected decline in home values in Q4, according to earnings reports.