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MBA Chief Named President of SunTrust

David Stevens has 25 years in mortgage business

May 30, 2012

By staff

David H. Stevens has had a front-row seat as the mortgage industry has gone from record-breaking production to a full-fledged meltdown.

His quarter century in the business includes 16 years at World Savings, which was acquired by Wachovia Corp. in October 2006. He started out as a loan officer and rose to the position of national sales manager over the mortgage division by the time he left.

He also worked at Freddie Mac, Long & Foster Companies and Wells Fargo & Co.

In July 2009, Stevens was confirmed by the Senate as Assistant Secretary of Housing and Urban Development and Federal Housing Commissioner for the Obama administration.

Last year, Stevens took over as president and chief executive officer of the Mortgage Bankers Association.

Now, the 55-year-old executive has been recruited as president of SunTrust Mortgage Inc., according to an announcement Wednesday from parent SunTrust Banks Inc.

Stevens begins his new assignment on July 16.

In his new job he will be responsible for the mortgage unit's day-to-day operations including production, fulfillment and mortgage capital markets.

Stevens will report to SunTrust Mortgage CEO Jerome Lienhard, who called him a "high-caliber leader, professional and individual" in the announcement.

SunTrust reported $23 billion in residential originations during 2011, making it the 13th biggest lender last year based on data maintained by Mortgage Daily. The mortgage servicing portfolio at the Richmond, Va.-based lender finished March at $155.4 billion.

MBA Chairman Michael Young issued a statement indicating that Stevens "leaves us well-positioned for the future."

Marcia M. Davies, MBA's, chief of staff and senior vice president, will serve as interim head of the association as it searches for a permanent replacement.

"His insights and leadership have demonstrated the importance of having one large platform where the entire industry can come together in an effort to provide a common voice on the critical issues of the day," Young said of Stevens.

FHA Chief Replaces MBA Chief
The head of the Mortgage Bankers Association is being replaced by the head of the Federal Housing Administration. The move represents a lobbying coup for the trade group, whose members are in the midst of a massive regulatory overhaul.

FHA Chief Faced Big Challenges
The departing chief of the government's mortgage insurance operation has presided over the agency during a stressful time.

New FHA Commissioner Confirmed
The U.S. Senate has confirmed President Barack Obama's choice to head the Federal Housing Administration.

Senate confirms David Stevens

FHA Chief Nominated
The Department of Housing and Urban Development has confirmed who the Obama Administration has nominated to lead the Federal Housing Administration.

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