The Mortgage Bankers Association (MBA) has created The Council on the Future of [Federal Housing Administration] FHA, a 25-member committee to make policy recommendations for the government-run mortgage insurance program's future.
In a statement, MBA said it believes it is essential that the FHA must have up-to-date resources, risk management tools, and business practices to meet current and future challenges.
Daniel Crockett, president, chief executive and chairman of Franklin American Mortgage Co., Franklin, Tenn., will chair the council.
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 Crockett in a statement issued by MBA. "Our members want to help ensure that FHA can effectively manage the risks that come with the increased business the agency is seeing.
MBA wants to take proactive steps to ensure the safety and soundness of the agency today and in the future."