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MBA's David Stevens announces retirement

The largest mortgage trade group is losing its leader next year.

Mortgage Bankers Association (MBA) President David Stevens notified members in a letter that he is retiring effective Sept. 30, 2018. Stevens, one of the most visible and widely quoted individuals in the mortgage industry, made no mention of his plans during his speech Monday at the trade group’s national convention in Denver.

davestevens“This was a difficult decision. It's hard to walk away from supporting an industry that shaped my career,” Stevens said in a news release Wednesday. “It’s been an honor to work with the talented staff, strong leadership and diverse membership of the MBA.”

Stevens announced last year during MBA’s national convention in Boston that he had been diagnosed with cancer. He has been open about his fight in posts to raise awareness about the disease, including producing a video with his family wearing blue #stevenstrong wristbands.

During the kickoff speech at the convention this week, Stevens said he underwent a grueling regimen of treatments over many months this year after the initial diagnosis of stage four prostate cancer, and the disease is now undetectable.

“With my cancer in remission, focusing on family, friends and staying healthy is my priority,” Stevens said.

Prior to joining the MBA in 2011, Stevens served as the Federal Housing Administration commissioner in the Obama administration, and he also worked in several leadership positions in the private sector. When he came to MBA in 2011, the organization was at a low point. In 2010, the MBA had sold its deeply underwater headquarters building for a loss of $34.7 million.

In introducing Stevens’ keynote speech on Monday, MBA Chairman David Motley praised Stevens for restoring the trade group’s financial health and clout in Washington. Motley said the MBA now enjoys unprecedented access on Capitol Hill, and in the executive branch.  

“The vision and drive to put us in this position came from Dave,” Motley said.

The search committee is being chaired by the MBA's immediate past chairman, Rodrigo Lopez, and is comprised of 12 volunteer MBA members. The nationwide search for Stevens’ replacement commences immediately, the trade group said.


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