The mortgage industry on Wednesday is mourning the unexpected passing of David H. Stevens, longtime lending executive and former president and CEO of the Mortgage Bankers Association (MBA).
Stevens, who helmed the MBA from 2011 until 2018, had been battling cancer for several years. He jumped fully into advocacy after an extensive career in real estate lending, entering the mortgage realm in 1983 as a loan officer at World Savings. He ascended to group senior vice president at World Savings during a tenure that spanned 15 years before joining the team at Freddie Mac, where he became senior vice president.
Stevens’ duties at the government-sponsored enterprise included oversight of various operations including product development, credit risk and contract negotiations. Following his work at Freddie, he also held leadership positions at Wells Fargo and Long & Foster Companies before leaving the private sector to serve as Federal Housing Administration (FHA) commissioner and assistant secretary of housing for the U.S. Department of Housing and Urban Development (HUD) under President Barack Obama. There, Stevens maintained oversight of FHA programs for single and multifamily housing for two years before joining the MBA.
Current MBA president and CEO Bob Broeksmit called Stevens “one of [the real estate finance community’s] great leaders and fiercest advocates.”
“Dave Stevens grew up in the mortgage business before serving the industry and its customers both as FHA Commissioner during and immediately after the 2008 financial crisis and then as president & CEO of MBA, where he was instrumental in rebuilding our organization and leading the industry out of the Great Recession,” Broeksmit said. “To those who worked with him at MBA, Dave is remembered as a great mentor, boss, and friend. He was quick with a joke, sometimes at his own expense, and truly cared about those he worked with and those who worked for him.”
Broeksmit credited Stevens and his wife Mary in the establishment of the MBA Opens Doors Foundation, which provides grants to families with critically ill or injured children so that they can cover housing expenses during the treatment period. According to Broeksmit, the foundation, which the couple founded with MBA member Dan Arrigoni, has now helped more than 16,000 families since its creation in 2011.
“Dave’s sincere belief in the value and benefits of sustainable homeownership led him to a career dedicated to making the American Dream achievable for more Americans. He had endless energy to engage in the fights that needed fighting to ensure that the industry could safely serve qualified low and moderate-income and first-time homebuyers. He was an outside-the-box thinker when it came to trying to solve some of the industry’s greatest challenges.”
Many around the residential real estate world were vocal in paying their respects to Stevens. Scott Olson, executive director of the Community Home Lenders of America, called Stevens “a significant force in the mortgage industry,” adding that “his leadership, vision and insight helped to shape the current landscape.”
E. Robert Levy, executive director of the Mortgage Bankers Association of New Jersey, described Stevens as “a good friend” of the organization. “He always attended our conferences and was a keynote speaker for us on a number of occasions,” Levy said. “He never said no when we asked him to speak or for assistance when needed. In fact, he was planning to keynote again at our conference in June. … Dave was a great man who represented our industry with humility and understanding and who will be greatly missed. We will remember him in the years to come as he has truly left his mark on the industry.”
“On behalf of the entire U.S. Department of Housing and Urban Development, I extend my prayers and condolences to the family and friends of former FHA Commissioner David Stevens,” said current HUD Secretary Marcia Fudge. “Over the course of his 40-year career, David Stevens made a profound impact on the housing industry and on the lives of millions of homeowners and prospective homebuyers, from helping the country navigate the aftermath of the 2008 housing crisis to his continued service as the president of the Mortgage Bankers Association. This country is better because of David’s service and contributions.”
