(WASHINGTON, D.C.) -- The Mortgage Bankers Association (MBA) today announced it has convened an executive-level panel of members to make policy recommendations to help ensure that the Federal Housing Administration (FHA) can continue to fulfill its mission in an evolving mortgage marketplace.
Because FHA is more important than ever, MBA believes it is essential that FHA must have up-to-date resources, risk management tools, and business practices to meet current and future challenges. The Council on the Future of FHA (CFF) will be chaired by Daniel Crockett, President, CEO & Chairman of Franklin American Mortgage Company of Franklin, TN.
"Currently insuring upward of 30 percent of today's loan volume, the FHA is an indispensible part of today's mortgage market," said Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association. "Ensuring a strong FHA has long been a top priority for MBA. Lenders need a healthy FHA more than ever if we are going to sustain this housing recovery."
The council will be comprised of a small group of leaders in the mortgage banking industry, with representatives from large and small companies. MBA has also retained the consulting services of the Collingwood Group to assist in this project. Managing Directors of the Collingwood Group include former Ginnie Mae president, Joe Murin and former FHA Commissioner, Brian Montgomery.
"During the recent run up in business, the folks at FHA have done an incredible job given the limited resources at their disposal," said Council Chairman Dan Crockett. "Our members want to help ensure that FHA can effectively manage the risks that come with the increased business the agency is seeing. As a strong advocate of FHA and its mission, MBA wants to take proactive steps to ensure the safety and soundness of the agency today and in the future."
Members of the Council on the Future of the FHA:
Dan Crockett (Chairman), Franklin American Mortgage Company
Gary Acosta, Prado Mortgage
Les Bedford, Seattle Financial Group
Mark Beisler, Red Mortgage Capital
Clint Bonkowski, Quicken Loans
Phillip W. Bracken, CMB, Wells Fargo Home Mortgage
James G. Carter, SunTrust Mortgage
Henry V. Cunningham, Jr., CMB, Cunningham & Company
James H. Danis, II, CMB, Residential Mortgage Corp.