The U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan announced yesterday that President Barack Obama nominated David Stevens as Assistant Secretary for Housing and Federal Housing Administration (FHA) Commissioner.
He currently serves as the president and chief operating officer of the Long & Foster Companies, which includes Long & Foster Real Estate and its affiliated businesses, including mortgage, title, insurance and home service connections.
“David’s depth of knowledge in real estate, housing and the mortgage industry will help us transform not only the way HUD does business, but help to transform the housing market as the FHA’s market share continues to grow. He is an excellent choice to lead the FHA through the current housing crisis and I am thrilled with his nomination," said Donovan.
Stevens is the first FHA commissioner in recent years with a strong mortgage industry background. He spent 16 years at World Savings Bank where he started his career and joined Freddie Mac in 1999 to run its single-family business for six years. Prior to joining Long & Foster he was Executive VP of Well Fargo Home Mortgage’s wholesale channel.
With FHA insuring about 30% of all new mortgages, the agency needs someone who understand the origination process. There has been concerns that FHA doesn’t have the personnel and technology to handle the increase in volume and ability to properly scrutinize the lenders it does business with. Steven’s should be able to help get the agency up to speed.