FHA Gets New Commissioner, Good For Reverse Mortgage Industry

David Stevens was sworn in today as Assistant Secretary for Housing and Federal Housing Administration (FHA) Commissioner at the U.S. Department of Housing and Urban Development.  

"David Stevens is an innovator in the housing industry and he is the right person to lead FHA as it continues to help hundreds of thousands of families finance their homes with lower rates and better terms," said HUD Secretary Shaun Donovan. "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."

As Assistant Secretary for Housing-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.

"I welcome the challenge and I am grateful for the opportunity to work with Secretary Donovan in carrying out the Obama Administration’s housing vision," Stevens said. "HUD has a vitally important job to do in helping those affected by the housing crisis and I am honored to have been chosen to help lead this national effort to help families and individuals through these troubled times."

Prior to his appointment, Stevens served as the president and chief operating officer of the Long & Foster Companies.  He also served as Executive Vice President, National Wholesale Manager at Wells Fargo Home Mortgage’s wholesale channel; Senior Vice President of single family business at Freddie Mac; and, a16-year tenure at the World Savings Bank, where he began his career.

Steven’s extensive experience in multiple areas of the mortgage industry is a great asset for HUD and the reverse mortgage industry.  “In my 33 years as a housing advocate in DC, I’ve never before seen an administration that brought in a team with such deep housing knowledge to run HUD,” said Peter Bell, President of the National Reverse Mortgage Lenders Association.  He added, “This is a great change and I’m sure that Assistant Secretary Stevens will prove to be a strong member of that team.”

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