In a dramatic reversal, David H. Stevens has decided not to leave his leadership post at the Mortgage Bankers Association.
SunTrust Mortgage Inc. announced on May 30 that Stevens would be joining the company as president. He was scheduled to start his new position on July 16
Stevens has been MBA’s president and chief executive officer since June 2011. He came to the Washington, D.C., organization from his job in the Obama administration as Assistant Secretary of Housing and Urban Development and Federal Housing Commissioner — a post he held from July 2009 through March 2011.
In a statement Monday, MBA said Stevens had decided to maintain his post at the helm of the association.
The trade group explained that its leadership, members and staff convinced Stevens over the past few weeks about the importance of his role as chief of MBA.
MBA Chairman Michael W. Young noted in the statement that Stevens’ talent and experience was so important during this critical period for MBA that they did all they could to keep him on board.
“The past few weeks have been extremely difficult for me personally and professionally,” Stevens said in today’s statement. “After serious thought and consideration, I simply cannot leave the MBA at such a critical time for the industry and the association.
“Frankly, at the end of the day, stepping away now when so much progress is being made and so much still left to be done, did not feel right.”
In its own statement, SunTrust noted that the decision for Stevens not to join the Atlanta-based company was mutual.
SunTrust Mortgage President and CEO Jerome Lienhard said in the statement, “We have a strong leadership team in place, and continue to execute our business plan and serve the needs of the clients of SunTrust Mortgage.”
MBA Chief Named President of SunTrust
David H. Stevens has had a front-row seat as the mortgage industry has gone from record-breaking production to a full-fledged meltdown.