The news was first reported in Rob Chrisman's blog. A Fannie Mae spokesperson confirmed this announcement.

Duncan has been a leading commentator on trends in the mortgage industry for over 30 years.

He received his Ph.D. in 1989 from Texas A&M and then went to work as an economist at the U.S. Department of Agriculture, according to an article on the school's website.

After leaving the USDA, Duncan was accepted by the Brookings Institution's fellows program and was serving on the staff of the House Committee on Banking, Finance and Urban Affairs.

In September 1992, Duncan joined the Mortgage Bankers Association as an economist, rising through the ranks to become director of research. He moved up to be the trade group's chief economist in November 2000.

Then in April 2008, Duncan moved into his current position as Fannie Mae's chief economist. When the move was announced in February of that year, then-MBA president and chief executive Jonathan Kempner said, "Over the past 15 years, Doug has built a smart and talented team that has driven MBA's growth and success in the data and research field," and his expertise and counsel would be "sorely missed."

Mark Palim, currently the deputy chief economist, will be moving into the top position, effective Sept. 23. He has been with Fannie Mae since December 2009, and moved into his current role in July 2016, according to his LinkedIn profile.

Duncan is assisting with the transition and will leave Fannie Mae as of Dec. 27.