The Mortgage Bankers Association, which has seen its membership and revenue fall in the current mortgage lending crisis, announced this week that it will be replacing its president of the past seven and half years with a mortgage industry insider. MBA President Jonathan Kempner, who has served as the trade group’s top executive for the past seven and half years, will be leaving at the end of 2008 when his contract expires. Kempner said it was his personal decision to leave at this time.
Meanwhile, John Courson, who served as MBA’s elected chairman in 2003 and has led a number of smaller mortgage companies, will be replacing Kempner as president on January 1, 2009. But Courson will be joining MBA as chief operating officer starting August 1. The shake-up at the top of MBA comes at the same time the trade group has seen its financial fortunes fall with the collapse of the housing market.
