Barry Habib on his appointment to the Fannie Mae board

Mortgage industry prognosticator Barry Habib was both surprised and honored that the Federal Housing Finance Agency approached him for a role on the Fannie Mae board.

"I wasn't expecting it, I didn't solicit it, and it is an extreme honor," Habib said in an interview with National Mortgage News.

He was named to the Fannie Mae board on July 21, according to a Securities and Exchange Commission filing.

Some people already on the board expressed their excitement that Habib, the head of MBS Highway who is well-known as a mortgage industry speaker and former executive, is joining their ranks, he said.

"I'm really looking forward to this experience and learning and hopefully making important contributions," Habib said. "I've been in this industry for almost 40 years now, and I've got a good understanding of the mindset of those that are in the origination process, and bringing that voice to the board will be very helpful to the overall industry and to consumers."

Prior to forming MBS Highway, Habib put out the Mortgage Market Guide. He was also an executive at several lenders, including Residential Finance, RPM Mortgage and Certified Mortgage.

Outside of the mortgage business, Habib is known as the lead producer of the Broadway show "Rock of Ages."

"The appointment of Mr. Habib is until the earlier of: (1) the next annual election of Board members; or (2) the date on which he resigns or is removed by U.S. Federal Housing FHFA, as conservator, while Fannie Mae is in conservatorship," the SEC filing said.

But Habib is hoping to remain on the board "for a reasonable period of time."

Fannie Mae has not yet determined which committees Habib will sit on or whether there are any transactions or relationships he is a part of that are required to be disclosed according to federal regulations, the filing noted.