dhollier@imfpubs.com

Common Securitization Solutions on Tuesday tapped Cenlar FSB executive Louis Glinn to be the company’s next chief risk officer. That puts him in charge of identifying both current and emerging risks for an enterprise that processes $400 billion in uniform MBS a month.

Cenlar, which has a thrift charter, is the nation's largest subservicer, according to figures compiled by Inside Mortgage Finance.

CSS CEO Tony Renzi put the importance of the CRO position into perspective: “Our risk and control environment is paramount to a safe and sound U.S. housing finance system and requires an expert at the helm."

Glinn, who held the same title at Cenlar, appears to have the bona fides, previously serving in senior risk positions at S&P Global, JPMorgan Chase, and Ally Financial. At CSS, he replaces Sara Avery, whose four-year tour as CRO included the launch of the UMBS in 2019. Avery left the company in February.

CSS, a joint venture of Fannie Mae and Freddie Mac, has been on something of a hiring spree. In 2020, at the direction of the Federal Housing Finance Agency, the company increased the size of the board by three members, the last two of which were picked early this year. In December, CSS also picked a new chief technology officer.