David Stevens Sworn In As FHA Commissioner

Posted by Orb Staff on July 16, 2009 No Comments
Categories : Residential Mortgage

Stevens has been sworn in as assistant secretary for housing and Federal Housing Administration (FHA) commissioner at the U.S. Department of Housing and Urban Development (HUD). Stevens was confirmed by the U.S. Senate on July 10. Prior to his appointment, Stevens served as the president and chief operating officer of the Long & Foster Cos., which includes Long & Foster Real Estate and its affiliated businesses, including mortgage, title, insurance and home service connections. As assistant secretary for housing and federal housing commissioner, Stevens will be responsible for overseeing the $600 billion FHA insurance portfolio and HUD's multifamily subsidized housing program. In addition, he will oversee HUD's regulatory responsibilities in the areas of the Real Estate Settlement Procedures Act (RESPA), and the manufactured housing industry. Stevens' appointment comes at a critical juncture in FHA's 75-year history, as the agency's market share continues to grow (FHA currently accounts for almost one-third of the nation's originations) despite virtually unchanged staff levels. The number of FHA-approved lenders has jumped significantly, as well, with about 1,600 approvals from January through June. ‘David's knowledge in real estate, housing and the mortgage industry will help us overcome the current challenges we face. He will implement changes that protect FHA and will enhance its risk management capabilities to protect its future viability,’ commented HUD Secretary Shaun Donovan at Stevens' inauguration ceremony. Stevens' background also includes time spent serving as executive vice president and national wholesale manager at Wells Fargo's wholesale channel, and as senior vice president of single-family business at Freddie Mac, where he coordinated the first Latino joint venture initiative with Freddie Mac and Latino mortgage industry leaders. SOUR

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