The National Association of REALTORS®  applauded President Joe Biden’s nomination of acting Federal Housing Finance Agency director Sandra Thompson to serve in a permanent capacity. “Her talents and experience will benefit the enterprises, homeowners and home buyers and the mortgage-financing ecosystem,” NAR President Leslie Rouda Smith said in a press release.

Thompson, who served as the deputy director of FHFA’s Division of Housing Mission and Goals since 2013, has more than 40 years of government experience in financial regulation, risk management and consumer protection, the Biden administration said in a release. Before joining FHFA, Thompson worked at the Federal Deposit Insurance Corporation for more than 23 years.

Rouda Smith noted the historical challenges the real estate housing market and mortgage finance system currently face due to the pandemic, adding that more than over 1 million borrowers are now in some form of forbearance or default.

“Preserving homeownership or helping homeowners navigate a transition to rental and future homeownership will be an immediate challenge,” Rouda Smith said in the statement. “We look forward to working with the FHFA to continue to identify solutions to these challenges, as well as working together to clarify and cement the GSEs’ critical role in the housing finance system.”

In her previous role as deputy director, Thompson oversaw all mission activities for Fannie Mae, Freddie Mac and the Federal Home Loan Banks, among other duties.