A group of executives from some of the biggest U.S. mortgage lenders are part of a new council that is addressing how to ensure the continued viability of the Federal Housing Administration program.
An executive-level panel of members has been assembled by the Mortgage Bankers Association to determine how to best ensure the continued viability of FHA, according to an announcement today.
Daniel Crockett, president, chief executive officer and chairman of Franklin American Mortgage Co. has been elected as chairman of the council.
The rest of the council will be comprised of a small group of leaders in the mortgage banking industry. Among 25 participating companies listed were Bank of America, MetLife Home Loans and Quicken Loans. Also participating are PNC Financial Group, SunTrust Mortgage and U.S. Bank Home Mortgage as well as Wells Fargo Home Mortgage and CitiMortgage.
In addition, former Ginnie Mae President Joe Murin and former FHA commissioner Brian Montgomery will serve as consultants.
“MBA believes it is essential that FHA must have up-to-date resources, risk management tools and business practices to meet current and future challenges,” the statement said.
The trade group noted that FHA’s share of originations has climbed above 30 percent.
“Our members want to help ensure that FHA can effectively manage the risks that come with the increased business the agency is seeing,” Crockett said in the news release. “MBA wants to take proactive steps to ensure the safety and soundness of the agency today and in the future.”
