The Mortgage Bankers Association (MBA) today announced that John A. Courson, the association’s President and CEO, will be leaving the association, effective June 1, 2011. Courson will be replaced by David H. Stevens, Assistant Secretary for Housing and Commissioner of the Federal Housing Administration at the U.S. Department of Housing and Urban Development in May. Stevens had announced earlier that he would be resigning from his position at HUD effective March 31, 2011.
David Stevens comes to MBA after nearly two years leading FHA through the same tumultuous times. During his tenure, Commissioner Stevens implemented a myriad of changes to improve FHA’s risk management to ensure the programs future viability 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 well over 20 percent 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. He also brings a wealth of industry experience in mortgage lending that will help him further build MBA’s position as the industry’s leading voice in advocacy, communications, education and research.”
Prior to being confirmed at HUD, Stevens had been President and Chief Operating Officer of Long and Foster Companies, the nation’s largest, privately-held real estate firm. He started his professional career with a 16-year tenure at the World Savings Bank, where he began as a loan officer. He later served briefly as Executive Vice President at Wells Fargo, and spent seven years as Senior Vice President at Freddie Mac, where he created and ran the small lender channel.