October 10, 2011, Chicago, IL – Michael W. Young, Chairman of the Board, Cenlar FSB, today was sworn in as the 2012 Chairman of the Mortgage Bankers Association (MBA) at the association’s 98th Annual Convention & Expo in Chicago.
As Chairman, a top item on Young’s agenda is ensuring that MBA continues to be the single voice for the real estate finance industry during this time of great change for all those who participate in the financing of real estate transactions.
“No other trade association has the depth and breadth of membership to fully represent that entire mortgage finance industry – big, medium and small, residential, commercial and multifamily,” said Young. “Over the coming year, I intend to leverage MBA’s engaged membership and deep institutional knowledge of the industry and our profound understanding of government policy and its impact, to continue to shape public policy in ways that will incent the return of private capital and liquidity to the real estate finance markets.”
Young became Vice Chairman of MBA in October 2009 and Chairman-Elect in October 2010. An active MBA member for more than four decades, Young is a former member of MBA Board of Directors and currently sits on MBA’s Council on Ensuring Mortgage Liquidity, a task force of MBA members created to examine policy options and issue recommendations for the future of the secondary mortgage market. Young has also served on MBA’s Residential Board of Governors (RESBOG) and its Strategic Planning Committee.
Young started his career in 1962 as Vice President and Investment Officer at Jersey Shore Savings and Loan Association in Toms River, New Jersey. In 1969, he began working for Larson Mortgage Company, where he worked in residential marketing, then managed the company’s commercial property division from 1972 to 1976. He was appointed President of Larson Mortgage Company in 1978 and in 1984 he successfully negotiated Larson’s acquisition of Centennial Savings and Loan Association, which were reorganized as Cenlar Capital Corporation and Cenlar FSB.
Young earned a Bachelor of Science from Monmouth University in New Jersey.
In addition to Young, MBA also elected Debra W. Still, CMB, President and Chief Executive Officer of Pulte Mortgage LLC, as Chairman-Elect; and E. J. Burke, Executive Vice President and Group Head, KeyBank Real Estate Finance, as Vice Chairman. All three officers will serve for the 2011-2012 membership year.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org.
Source: Mortgage Bankers Association News Release, October 10, 2011