Overview of the Duty to Serve Rule
Tuesday, November 28, 2023 at 1:00 pm CST
Session Description
Credit unions have always had as part of their mission the obligation to help people of modest means gain financial stability, including affording homes to shelter their families and help their financial stability grow. No other financial enterprise has had as much success in accomplishing this mission as credit unions, but the need has become greater than ever before, making the role of member-owned financial cooperatives in partnership with Fannie Mae critical to reaching this goal.
Fannie Mae’s Duty to Serve rule reinforces the government-sponsored enterprise’s mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America, which the GSE has been doing with the help of financial institutions, including credit unions, since announcing the rule in December 2016. The Duty to Serve focuses on manufactured housing, affordable housing preservation, and rural housing, including that on Native American tribal lands.
The Duty to Serve mission has specific requirements for financial institutions that want to participate in the program, as well as a strong desire to work with credit unions, most of which still consider serving the underserved part of their critical mission. During this Inside Track webinar, you can join representatives from Fannie Mae to learn how they’re supporting affordable lending in underserved markets and how your credit union can benefit while still fulfilling one of its primary goals.
By registering for this event, you submit your information to the webinar organizer and sponsor, who will use it to communicate with you regarding this event and their other services.
Speakers
Sharmila Srivastav
Principal, Affordable Lending, Single Family Business
Fannie Mae
Responsibilities: Sharmila is responsible for the implementation of mortgage solutions designed to serve customer needs and expand access to credit. She is committed to forging new and innovative paths towards a more affordable housing marketplace. Her past responsibilities have included the development and launch of HomeReady, MH Advantage financing and Condo Project Manager. She has a MBA in International Finance from American University, Washington, D.C.
Stephania Valencia
Business Acct Mgmt. Solutions – Customer and Partner Management – Associate
Fannie Mae
Responsibilities: Stephania Valencia is a Fannie Mae Associate in the Business Account Management Solutions group, working on the Affordable Lending Team. Stephania supports Fannie Mae’s Duty to Serve initiatives as part of the work being done to make homes affordable to all, including under-represented populations, low to moderate income, tribal lands, and rural communities. Stephania has a Bachelor of Science Degree in Marketing from University of Maryland.
Artesia McDaniel
Business Acct Mgmt. Solutions – Customer and Partner Management – Associate
Fannie Mae
Responsibilities: Artesia McDaniel is a Fannie Mae Associate in the Business Account Management Solutions group, working on the Affordable Lending Team. Artesia supports Fannie Mae’s educational initiatives as part of the work being done to make homes affordable to all, including under-represented populations, low to moderate income, tribal lands, and rural communities. In addition, she supports Fannie Mae’s racial equity initiatives focused on addressing inequalities in the housing finance system and the expansion of minority representation in the industry.
Experience: Artesia received a Bachelor of Arts from Loyola Marymount University and has worked in the financial services industry for over 10 years. Prior to joining Fannie Mae, Artesia held various industry positions related to mortgage originations primarily in operations and account management.
Fannie Mae is a leading source of mortgage financing in the United States. We don’t originate mortgage loans or lend money directly to borrowers. Instead, we purchase mortgage loans made by lenders, who are then able to use those funds to offer mortgage loans to more people. We partner with mortgage lenders and servicers, housing counselors, real estate agents, nonprofit organizations, and other industry professionals to help people obtain a home and stay in that home when faced with hardship or disaster.
