Sam Valverde will step down as the acting president of Ginnie Mae at the end of the month, the U.S. Department of Housing and Urban Development (HUD) has announced.

Valverde — Ginnie Mae’s first Latino executive and first Latino president — has served as acting president of the government-backed corporation (officially the Government National Mortgage Association) since May 2024. He joined the organization in March 2022 and also previously held the roles of principal executive vice president and chief operating officer.

His resignation will take effect on Nov. 30. Gregory Keith, currently senior vice president and chief risk officer at Ginnie, will take the helm upon his departure.

“I would like to thank Acting President Sam Valverde for his innovative leadership at Ginnie Mae and years of public service,” said Adrianne Todman, acting head of HUD. “Mr. Valverde’s tenure has been ground-breaking and has set the foundation for a people-first philosophy in Ginnie Mae’s crucial mission to support affordable housing for people across the nation.”

“The opportunity to lead Ginnie has been the most impactful and rewarding work of my career in public service. I am deeply honored to have had the chance to serve my country, while championing a borrower-focused and market driven housing finance agenda,” Valverde said. “I am immensely proud of all that we have achieved on behalf of the borrowers, issuers, and investors that we serve.

“I owe a debt of gratitude to the team of career public servants who work tirelessly to uphold our mission,” he added. “The talent and dedication of the Ginnie Mae team are unmatched, and the enormity of their daily responsibilities in managing our $2.658 trillion guarantee business is inspiring. I am pleased with our progress and confident in the foundation we’ve built to enhance Ginnie Mae’s capacity to meet its essential affordable housing and capital markets mission on behalf of the U.S. Government.”