Freddie Mac creates chief D&I role, promoting law and policy expert

Freddie Mac promoted a company veteran to the newly created position of chief diversity and inclusion officer, as it attempts to further build upon DEI efforts within the business and housing industry.

Wendell Chambliss, who is currently the vice president and deputy general counsel for mission, strategic business advisory and government affairs, steps up to the new leadership role on April 11. DEI responsibilities at Freddie Mac had been overseen by chief human-resources officer Dionne Wallace Oakley, who concurrently held the position of chief diversity officer after her hiring last year.

In September, the government-sponsored enterprise based in McLean, Virginia, announced a new specific CDIO position would be created, separate from the chief human resources officer role.

“Our decision to create a stand-alone officer for this role will enhance our focus on DEI programs across all aspects of our business,” said Michael DeVito, CEO of Freddie Mac, in a press release. “This will allow us to help more families, support minority and women-owned businesses and make Freddie Mac a stronger company.”

As CDIO, Chambliss will work to ensure greater diversity, equity and inclusion across Freddie Mac’s workforce, supplier base and financial transactions. Chambliss will also lead the company’s office of inclusive engagement.

His appointment comes as the mortgage industry continues to grapple with ongoing headlines regarding bias and discrimination within lending. Rohit Chopra, director of the Consumer Financial Protection Bureau, has often criticized the use of artificial intelligence by banks and lenders in furthering bias. Research released last fall by Freddie Mac also found more frequent appraisal gaps within minority communities compared to predominantly white neighborhoods.

As deputy general counsel in the company’s legal division, Chambliss has served as an advisor on issues surrounding Freddie Mac’s charter, affordable housing goals and fair lending. He also coordinated Freddie Mac’s anti-predatory lending efforts. Chambliss joined the GSE in 1999 after previously serving as a private practice attorney and congressional staffer.

“I look forward to working with talented professionals across the company to serve our mission expansively and bring greater diversity, equity and inclusion to our company, our partners and the industry as a whole,” he said.

Chambliss’s promotion follows a similar announcement made last month by Freddie’s counterpart, Fannie Mae, which hired its first diversity and inclusion officer at that time.

Earlier this month, several credit-score providers urged both Fannie Mae and Freddie Mac to make changes that would permit lenders to use data from more scoring services, a move they said would open up lending further to underserved borrowers.