The long-standing nomination of Brian Montgomery, President Donald Trump's pick to lead the Federal Housing Administration, is finally over.
Montgomery was confirmed as FHA commissioner on Wednesday by a vote in the Senate of 74 to 23.
Yesterday, while speaking at the Mortgage Bankers Association’s Commercial/Multifamily Servicing and Technology Conference, a senior advisor for the Department of Housing and Urban Development's Multifamily Housing Programs Robert Iber said he was told that a full Senate vote on Montgomery’s nomination is expected this week. Well, now that's here.
The vote came six months after the Senate Banking, Housing, and Urban Affairs Committee approved Montgomery’s nomination to lead the FHA. This will be Montgomery's second time to serve 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.
In addition to previously serving in the position of assistant secretary for Housing and FHA commissioner at HUD, Montgomery also held a handful of other top positions throughout the government and housing industry, including co-founder and partner at the Collingwood Group, deputy assistant to the president and cabinet secretary, board member on the Federal Housing Finance Board, the Housing and Economic Recovery Act of 2008 Oversight Board, and NeighborWorks America Board.
Shortly after the confirmation announcement, HUD Secretary Ben Carson tweeted a photo of him calling Montgomery to congratulate him on his confirmation.
— Ben Carson (@SecretaryCarson) May 23, 2018
“Brian brings a wealth of housing knowledge and experience to HUD having held this position in two previous administrations, and we are excited to welcome him back to the Agency,” Carson said in a statement provided by HUD.
“FHA’s work is critical to HUD’s mission of advancing sustainable homeownership opportunities and quality affordable housing for all Americans," Carson added. "Brian understands this better than anyone and will be ready on day one to address the challenges of today’s housing market.”
Montgomery said that he is looking forward to rejoining the FHA.
“I’m honored to have the opportunity to serve with Secretary Carson and the team at HUD to further equal access to affordable rental housing and homeownership opportunities and seek solutions to restore vitality to the housing market,” Montgomery said.
Mortgage and housing industry leaders praised Montgomery's confirmation.
National Association of Realtors President Elizabeth Mendenhall commended the Senate for confirming Montgomery, noting the importance of his previous experience overseeing the FHA.
“Brian Montgomery served as Federal Housing Administration commissioner during one of the most critical periods in the history of America’s housing industry. He has shown the ability to lead and understands the essential role the FHA plays in addressing affordability and facilitating homeownership in the U.S., particularly for first-time home buyers. Realtors congratulate Commissioner Montgomery on his confirmation and look forward to working with his FHA to make the dream of homeownership a reality for millions of additional Americans," Mendenhall said in a statement.
David Stevens, MBA CEO and president also praised the Senate for confirming Montgomery.
"MBA commends the Senate for confirming Brian Montgomery to lead the Federal Housing Administration. His experience, knowledge and ability will ensure his success in this position. MBA fully supports FHA’s efforts to assist low and moderate income Americans and first-time homebuyers. We look forward to working with Brian Montgomery and the FHA team, and continuing to work with Secretary Carson, to ensure they succeed in their mission," Stevens said.
[Note: Story updated to amend the FHA commissioner title and updated with quotes from HUD Secretary Ben Carson and Brian Montgomery]