The Mortgage Bankers Association has created the Council on the Future of FHA, a 25-member committee to make policy recommendations for the government mortgage insurance program's future.
The trade group said it believes it is essential that the Federal Housing Administration have up-to-date resources, risk management tools, and business practices to meet current and future challenges.
Daniel Crockett, the president, chief executive and chairman of Franklin American Mortgage Co. in Franklin, Tenn., will chair the council.
MBA has also retained the consulting services of Collingwood Group to assist in this project. Managing directors of the Collingwood Group include former FHA Commissioner Brian Montgomery and Joe Murin, the former president of the Government National Mortgage Agency, the FHA's sister agency. "During the recent run up in business, the folks at FHA have done an incredible job given the limited resources at their disposal," Crockett said in a press release issued Monday. "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."