The Trump administration on Tuesday announced its intention to nominate Brian Montgomery as commissioner of the Federal Housing Administration (FHA).
Montgomery, who previously served as FHA commissioner under George W. Bush, currently works as vice president of the Collingwood Group, a Washington, D.C.-based advisory firm.
He also served under George W. Bush as a deputy assistant to the president and directed the Office of Cabinet Affairs.
Interestingly, Montgomery is a staunch supporter of HUD’s Home Equity Conversion Mortgage (HECM) program, which he helped launch during his first go-around as FHA commissioner. In testimony before Congress in February 2007, he said, “Our HECM program shouldn’t just allow seniors to take cash out of their current homes, but should permit them to move to housing that better meets their needs as they age.”
He also advocated for reverse mortgages while working in the private sector.
So far, industry reaction to the news has been positive. In a statement, Peter Bell, president and CEO of the National Reverse Mortgage Lenders Association (NRMLA), says Montgomery “has proved himself to be a thoughtful and committed public servant who rolls up his sleeves to get results.”
“As FHA commissioner during the Bush administration, [he] showed extraordinary competence in his management and oversight of the HECM reverse mortgage program. NRMLA and the industry look forward to working with him upon his return to FHA,” Bell says.
In a separate statement, David Stevens, president and CEO of the Mortgage Bankers Association, says Montgomery’s “previous experience will serve him well in this position.”
“I hope the Senate will move quickly to confirm Brian and we look forward to working with him, Secretary Carson, and others in the administration to ensure a strong, robust FHA program that can serve its mission of providing affordable housing opportunities,” Stevens says.