WILLIAMSBURG, Va. - Paul S. Reid resigned Monday as executive vice president of the Mortgage Bankers Association, saying in a letter to the board of directors that he had achieved his goal of transforming the group "from a trade association to an industry association" and that it is time to move on to other, unspecified challenges.
As executive vice president Mr. Reid carried out a strategic plan that focused on improving service and communication with the association's membership, strengthening the group's lobbying efforts, and enhancing its relationship with state-level trade associations. But he leaves amid criticism.
Sources said a decision to move the group's offices to Pennsylvania Avenue in Washington, which was in part intended to increase camaraderie among the staff, backfired because employees lost their offices and were put in a cubicle environment. The association has also experienced significant staff turnover recently.
In addition, some have criticized the organization for not taking a tougher stance against Fannie Mae and Freddie Mac, the government-sponsored enterprises that buy loans and are sometimes seen as competitors of mortgage bankers. Mr. Reid has served as the MBA's executive vice president since December 1997 He served as president of the MBA in 1996.