Common Securitization Solutions (CSS) has announced that of Chief Executive Officer David Applegate will resign from his position.
CSS is a joint venture Fannie Mae and Freddie Mac established in 2013 to build and operate a new single securitization infrastructure. The GSEs announced that Applegate will step down as CEO but will continue to serve as a board member to ensure a smooth transition.
“In my conversations with the board, I expressed that this was the optimal time for a transition, following the June launch of the Uniform Mortgage-Backed Security (UMBS) on the CSS-built Common Securitization Platform,” Applegate said. “Since I joined CSS in November of 2014, it has been my honor to work alongside the amazingly talented teams at CSS, Fannie Mae, Freddie Mac, FHFA and our external partners to realize the vision for a Single Security.”
Before joining CSS, Applegate was CEO and director of mortgage lender and servicer Homeward Residential. He also led GMAC Mortgage and GMAC Bank during his 17 years at General Motors Acceptance Corporation.
“The launch of the Common Securitization Platform was a once-in-a-generation achievement that required outstanding leadership, experienced management and meticulous technical expertise” said Jerry Weiss, executive vice president and chief administrative officer of Freddie Mac and chairman of the CSS board of managers. “Dave Applegate brought all those skills to this work, and we are extraordinarily grateful for his contributions. With today’s announcement, we begin the search for a candidate who can continue our progress, beginning with a seamless transition that will pave the way for additional success at CSS.”
The CSS board of managers has started the search for Applegate’s replacement, including both internal and external candidates. Additionally, the board tapped Spencer Stuart to conduct the search.
“Under Dave Applegate’s leadership, CSS played a significant role in successfully implementing the UMBS,” said David Benson, president of Fannie Mae and CSS board member. “The Single Security marks a fundamental and important shift in housing finance. Ensuring a seamless launch required a leader with deep industry experience, a clear vision, and the ability to unite multiple stakeholders around a complex set of requirements. We deeply appreciate Dave’s strong leadership and guidance during his time with CSS and we wish him every success in his next opportunity.”