Her impending departure will end the tenure of Ginnie's first woman president, who brought stability to the role after a period in which there hadn't been a Senate-confirmed holder in almost five years.

McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change that put strain on some mortgage companies that were Ginnie's counterparties.

Ginnie helped stand up an emergency liquidity facility during the pandemic and also later coordinated with the Federal Housing Finance Agency in the development of a series of modernized counterparty requirements during her time there.

While Ginnie drew some criticism for having to seize servicing from one of those counterparties in the specialized reverse mortgage market, where there are limited players, it appears to have otherwise minimized issuer failures in a stressed environment.

A nonbank risk-based capital rule proposed under McCargo's watch drew some industry criticism but relations with mortgage companies became more conciliatory after Ginnie extended its deadline and promised to work with issuers.

During McCargo's time at Ginnie, the agency took some steps in the wake of its experience with the Reverse Mortgage Funding bankruptcy to reduce liquidity strain in that sector.

It also has drawn up policies to address more recent risks that have become apparent around cybersecurity concerns and managed to keep its funding intact amid a federal budget crisis, sustaining liquidity for a massive government-guaranteed housing market.

Ginnie guarantees securitizations of mortgages backed at the loan-level by other government agencies like the Federal Housing Administration and the Department of Veterans Affairs, and it helps fund a significant number of loans made to first-time home buyers.

"The past 3.5 years in public service with the Biden-Harris Administration has been the most important and fulfilling work of my 25-year career in housing finance," said McCargo, who plans to leave the agency May 3.

"I am deeply grateful for the opportunity to serve my country and advance a bold housing agenda across the globe," she added, alluding to the international investor base for the securities Ginnie guarantees. Ginnie increased outreach to Latin America during her tenure.

McCargo's planned departure will come not long after that of Marcia Fudge, the Department of Housing and Urban Development's secretary, who announced last month she would step down. Ginnie is an arm of HUD. Adrianne Todman, previously a deputy secretary at HUD, is now serving in Fudge's former role on an acting basis.

Todman called McCargo, who brought expertise in areas like small-loan funding challenges and servicing from her previous role at the Urban Institute to Ginnie, "a zealous advocate for housing affordability and ensuring a more equitable housing finance system.

"As president of Ginnie Mae, Alanna has helped expand Ginnie Mae's reach in serving historically underserved communities and has been a champion for advancing market-driven initiatives that support mortgage programs across the government," Todman added.

Sam Valverde, principal executive vice president at Ginnie, will take on McCargo's role on an acting basis after she leaves. Laura Kenney, Ginnie's senior advisor for strategic operations and interim chief operating officer, also will take on some of McCargo's former responsibilities.