The Mortgage Bankers Association (MBA) has created an executive-level panel of members to make policy recommendations regarding the Federal Housing Administration (FHA).
Daniel Crockett, president, CEO and chairman of Franklin, Tenn.-based Franklin American Mortgage Co., will lead the Council on the Future of FHA (CFF).
"Currently insuring upward of 30 percent of today's loan volume, the FHA is an indispensible part of today's mortgage market," says Robert E. Story Jr., chairman of the Mortgage Bankers Association.Â "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 comprise a small group of leaders in the mortgage banking industry, with representatives from large and small companies. The MBA has also retained the consulting services of the Collingwood Group to assist in this project. Former FHA Commissioner Brian Montgomery and former Ginnie Mae President Joe Murin are managing directors with the consultancy.
SOURCE: Mortgage Bankers Association