The Mortgage Bankers Association on Tuesday said David H. Stevens, assistant secretary for housing and commissioner of the Federal Housing Administration under the U.S. Department of Housing and Urban Developement, will join the group June 1 as its president and CEO.
Stevens will succeed John A. Courson, who previously announced his intended departure. Courson joined MBA in August, 2008 and became the association's President and CEO in January, 2009. Prior to MBA, he spent more than 40 years in the mortgage banking industry during which time he was an MBA member and served as the association's chairman in 2003.
Stevens is set to leave HUD at the end of this month.
"John Courson has led MBA through the most turbulent times that this industry, and the association, has ever seen," said MBA Chairman Michael D.Berman, CMB. "John inherited an association facing serious financial challenges precipitated by the meltdown in the mortgage market and MBA's decision to purchase its own headquarters building in the year leading up to the Great Recession."
The MBA has since sold the building, and the budget is now in the black, Berman said.
Berman continued, "John has done a superb job, and the entire residential, multifamily and commercial real estate community owes John an enormous debt of gratitude, and we are pleased that John intends to remain active in the real estate finance industry and thank him for his willingness to stay at MBA to help facilitate a smooth transition."
Stevens has been with FHA for nearly two years, during which time he effected changes to improve FHA's risk management and to help FHA weather the storm of increased losses. At FHA, Stevens has direct responsibility for oversight and administration of the FHA insurance portfolio, which includes multifamily housing, insured health care facilities and more than 20% of mortgages in the domestic single family market.
"David Stevens is uniquely qualified to lead the association in its next chapter," said Berman. "Most recently he has had a tremendous impact at FHA, as that program faced its own unprecedented challenges."
Prior to being confirmed at HUD, Stevens was president and COO of Long and Foster Companies, the nation's largest, privately-held real estate firm. He started his career with a 16-year tenure at the World Savings Bank, where he began as a loan officer. He later served briefly as an evp at Wells Fargo, and spent seven years as SVP at Freddie Mac, where he created and ran the small lender channel.