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Almodovar will replace interim CEO David Benson, who took over the top job in May after former chief Hugh Frater retired.
Almodovar is currently the CEO of Enterprise Community Partners, a nonprofit that says it focuses on providing affordable housing through financing and advisory services.
Her decade-long tenure at JPMorgan included five years as co-head of real estate banking.
The rate-sensitive mortgage industry in the United States has been on a cost-cutting drive this year, as demand weakened with interest rates on the most popular U.S. home loan climbing to its highest level since August 2008.
