It is with mixed emotions that after 20 years and countless contributions to the Multifamily business, our long-time colleague and friend Manny Menendez will be leaving Fannie Mae on December 7.

Over the course of his career, he has made significant contributions across the Multifamily business, including Multifamily Capital Markets and Pricing, Customer Engagement, Product Development, and Business Management. He is known and appreciated for carefully listening to our lenders and borrowers to understand their needs, and helping drive solutions.

With Manny moving on to his next chapter, I'm pleased to announce that Charles Ostroff is joining us as Multifamily Chief Credit Officer, effective November 5. Charles comes to us from Arbor Commercial Mortgage where he served as SVP, Chief Underwriter, and Head of Agency Products. He holds a JD from the University of Baltimore, School of Law and a BA in Political Science from the George Washington University. With his strong background in deal structuring, credit and in leading client relationships, he will be an excellent addition to our leadership team.

Please join me in welcoming Charles and thanking Manny for his dedication and service.