The Mortgage Bankers Association (MBA)
has announced that John A. Courson, the association's president and chief executive officer, will be leaving the association, effective June 1, 2011 and will be replaced by David H. Stevens, Assistant Secretary for Housing and Commissioner of the Federal Housing Administration (FHA) at the U.S. Department of Housing & Urban Development (HUD) in May.
Stevens had announced earlier that he would be resigning from his position at HUD, effective March 31, 2011.
"John Courson has led MBA through the most turbulent times that this industry, and the association, have 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. He was compelled from the outset to make difficult financial decisions, both to bring MBA's budget under control and to extricate MBA from the building, but he leaves MBA with a budget in the black and having executed the sale of the building while maintaining MBA's commitment to it members."
Courson came to MBA as chief operating officer in August, 2008 and became the association's president and chief executive officer in January, 2009. Prior to joining the MBA, John spent more than 40 years in the mortgage banking industry during which time he was an active MBA member and served as the association's chairman in 2003.
Stevens joins the 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 the FHA, Stevens has direct responsibility for oversight and administration of the FHA insurance portfolio, which includes multifamily housing, insured healthcare facilities and well more than 20 percent of mortgages in the domestic single family market.
"David H. 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."
A graduate of the University of Colorado, Boulder, Stevens has a strong background in housing, including experience in finance, construction, sales, mortgage acquisition and investment, and regulatory oversight. He began his journey to HUD at the dining room table, where he listened to stories about the creation of FHA and other efforts to stabilize the housing market from his father, who started as a runner on Wall Street during the depression. The dining room table soon became the board room as Stevens started his professional career with a 16-year tenure at the World Savings Bank. He later held positions as senior vice president of single-family business at Freddie Mac, and then executive vice president, national wholesale manager at Wells Fargo. 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.