David Stevens – Former Assistant Secretary of Housing and Federal Housing Commissioner

Capture12 - David Stevens -  Former Assistant Secretary of Housing and Federal Housing Commissioner

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Biography: David Stevens has over 35 years of experience in the mortgage banking industry. From 1998 until 2005, Stevens worked as a Senior Vice President of Single Family Lending at Freddie Mac, where his responsibilities included product development, credit risk and contract negotiations for all single family businesses. Stevens then became the Executive Vice President of Wells Fargo’s Wholesale Lending Division and the President of Long & Foster Companies. In 2009, President Obama appointed Stevens to serve as Assistant Secretary of Housing and Federal Housing Commissioner for the United States Department of Housing and Urban Development (HUD). For two years, Stevens oversaw FHA programs for Single and Multi-Family Housing. Following his government service, Stevens became the President and CEO of the Mortgage Bankers Association. Throughout his career, Stevens has provided expert testimony on the mortgage banking industry to policymakers, organizations, and the media. In 2018, theNational Mortgage Professional Magazine named Stevens the Mortgage Professional of the Year. Currently, he is the Chief Executive Officer of Mountain Lake Consulting, Inc., a financial services consulting firm focused on real estate finance.Stevens holds a Bachelor of Arts from the University of Colorado Boulder.

Annotated Bibliography:

FHA Reforms, Legislative Proposals, and Contributions to the HUD FY 2011 Budget: Hearing before the Subcommittee on Housing and Community Opportunity, of the House Committee on Financial Services, 112th Cong. (testimony of David H. Stevens)

In this written testimony before the Housing and Community Opportunity subcommittee of the House Committee on Financial Services, Stevens discusses the need to support the housing market in recovery after a global financial crisis while minimizing the risk to the American taxpayer.

The Need for National Mortgage Servicing Standards: Hearing before the Subcommittee on Housing, Transportation, and Community Development, of the House Committee on Banking, Housing, and Urban Affairs, 112th Cong. (testimony of David H. Stevens)

In this testimony before the Housing, Transportation, and Community Development subcommittee of the House Committee on Banking, Housing, and Urban Affairs, Stevens speaks on behalf of the Mortgage Bankers Association in support of national servicing standards in the mortgage market that would regulate and encourage fair practices for borrowers, servicers, and investors that would prevent foreclosures wherever possible.

Grant, Rick. “David H. Stevens: National Mortgage Professional Magazine’s ‘Mortgage Professional of the Year.’” National Mortgage Professional Magazine, September 17, 2018.

This journalistic profile of Stevens details his career and expertise in home finance and mortgage loans through his experiences as President and CEO of the Mortgage Bankers Association and as the Federal Housing Administration commissioner for the Obama Administration.

New Ideas for Refinancing and Restructuring Mortgage Loans: Hearing before the Subcommittee on Housing, Transportation, and Community Development, of the House Committee on Banking, Housing, and Urban Affairs, 112th Cong. (testimony of David H. Stevens)

 In this testimony before the Housing, Transportation, and Community Development subcommittee of the House Committee on Banking, Housing, and Urban Affairs, Stevens speaks on behalf of the Mortgage Bankers Association in describing the causes for high foreclosure rates and then offering possible solutions to create a more robust housing finance market.

“Addressing FHA’s Financial Condition and Program Challenges, Part II” – Hearing before the Senate Committee on Banking, Housing, and Urban Affairs (testimony of David H. Stevens), 113th  Congress. 28 February 2013.

In this testimony before the Senate Committee on Banking, Housing, and Urban Affairs, Stevens affirms MBA’s sentiment that the FHA has a vital role in the United States’ housing finance system; however he provides evidence that the FHA should not be over-utilized and that it would not be prudent for FHA to dominate the market if private capital is willing to provide reasonable financing.

“The Need for National Mortgage Servicing Standards” – Hearing before the Subcommittee on Housing, Transportation, and Community Development, of the Senate Committee on Banking, Housing, and Urban Affairs, 112th Congress. 12 May 2011.

In this testimony before the Senate Subcommittee on Housing, Transportation, and Community Development, Stevens speaks in support of national servicing standards that apply fair practices for borrowers, servicers, and investors as a representative of the Mortgage Bankers Association. He also expresses MBA’s negative perspective on a patchwork of federal and state level requirements for lenders and supports a truly national standard.

“Five Questions with Dave Stevens, CEO, Mortgage Bankers Association.” THE SCORE, Aug. 2014, thescore.vantagescore.com/article/151/five-questions-dave-stevens-ceo-mortgage-bankers-association. 

In this interview by magazine The Score, Stevens addresses questions regarding the importance of the Consumer Financial Protection Bureau and the need for reforms regarding credit cut-offs for lower-end consumers in the mortgage market.

“MBA President and CEO David Stevens Testifies on Housing Finance Reform: Mortgage Bankers Association.” MBA, www.mba.org/2017-press-releases/june/mba-president-and-ceo-david-stevens-testifies-on-housing-finance-reform.

In this testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Stevens emphasizes the need for housing finance reform regarding credit-scoring and small dollar loans. He speaks in support of MBA’s reform framework that he asserts is well-measurable and increases transparency.

Stevens, David H. “Transitioning Beyond MBA.” Dave Stevens Blog, 9 June 2018, davidhstevens.com/2018/06/transitioning-beyond-mba/.

On his website Dave Stevens Blog, Stevens reflects on his time at the Mortgage Bankers Association following his departure from his post as the President and CEO of the organization.