Ahead of the Senate Banking, Housing, and Urban Affairs Committee hearing on the nomination of Brian Montgomery to lead the Federal Housing Administration, the Mortgage Bankers Association sent a letter to the committee, urging them pass the nomination.
The industry has speculated since May that President Donald Trump would tap Montgomery to fill of the position of assistant secretary for Housing and FHA commissioner at the Department of Housing and Urban Development.
If he is approved, it will be Montgomery's second time as FHA commissioner. He previously held the job under Former President George W. Bush, staying on for six months after former President Barack Obama's inauguration. Montgomery will take over for acting commissioner Edward Golding.
“I would respectfully urge the Banking Committee to report his nomination favorably so that the full Senate might consider his nomination as expeditiously as possible,” the letter stated.
“Mr. Montgomery’s prior service as FHA Commissioner, as well as his recent private sector experience, provide him with a unique perspective on the issues facing our nation’s housing and mortgage markets,” the MBA letter stated. “This experience will serve him well during his second tour as FHA Commissioner, and we are confident that he will bring a deep commitment and focus to the FHA program areas most in need of his time and attention.”
The committee is set to hold a hearing on his nomination on Oct. 26, and if it passes, the nomination would move on to the full Senate for a vote.
The MBA stated in the letter that the FHA needs to address several critical management priorities, including enhancing efficiency and technology deployment, clarifying existing lender guidance, and ensuring the long-term financial stability of the FHA program.
“Mr. Montgomery’s expertise on FHA and the housing market will help guide FHA to support production of affordable rental housing as well as the critical multifamily public-private partnership. We are eager to work with Mr. Montgomery once again as FHA Commissioner to achieve these goals,” the letter stated.
So far, Montgomery has already gained a lot of support in the industry, unlike some of Trump’s more controversial picks.