David Stevens will leave his job as head of the Federal Housing Administration at the end of the month and take over as the top executive at the Mortgage Bankers Association in early May, the trade group said.
The former Long & Foster Cos. executive took over at FHA in 2009, when demand for its mortgage insurance program had soared but losses on loans insured during the housing boom were mounting.
Auditors say FHA’s mortgage insurance program is unlikely to require a taxpayer bailout, in part because of premium restructuring and tightened underwriting standards and oversight of lenders instituted on Stevens’ watch.
Stevens "has had a tremendous impact at FHA," and brings "a wealth of industry experience in mortgage lending" that he can bring to bear in advocating the positions of mortgage bankers, said MBA Chairman Michael Berman in a statement.
Stevens will succeed John Courson, who faced another set of challenges running the MBA, Berman acknowledged.