The Mortgage Bankers Association (MBA) has announced that David H. Stevens has agreed to stay on as president and chief executive officer. Recently, Stevens indicated he planned to leave the MBA to accept a position at SunTrust Mortgage. Over the past several weeks, MBA’s leadership, members and staff impressed upon Dave the important role he was playing for the industry and his unique qualifications to lead the association.
"The importance and significance of MBA's voice during this critical time coupled with Dave's experience and talents encouraged us to do all we could to retain him,” said MBA Chairman Michael W. Young.
"The past few weeks have been extremely difficult for me personally and professionally. After serious thought and consideration, I simply cannot leave the MBA at such a critical time for the industry and the association." Stevens said. "Frankly, at the end of the day, stepping away now when so much progress is being made and so much still left to be done, did not feel right."
Stevens was hired as MBA president and CEO in May 2011 after leaving his position as Assistant Secretary for Housing and Commissioner of the Federal Housing Administration (FHA) at the U.S. Department of Housing & Urban Development (HUD).
“Going through this experience left me encouraged by the tremendous opportunity that lies within our industry and reinforced the essential component mortgage finance will continue to play in helping our nation’s economy recover," said Stevens.
MBA Chief of Staff and Senior Vice President Marcia M. Davies had been tapped to be the interim head of the association pending the replacement of Stevens.
"The officers and management of MBA could not be more pleased and supportive of Dave's decision to stay." said MBA Chairman-Elect, Debra W. Still. "Dave’s leadership and influence over the past year have been invaluable to our members and our industry. We are all looking forward to continuing the good work and forward momentum of the MBA with Dave at the helm.”
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.