Adam Constantine on MLK Jr.’s impact on housing equality

During the interview, Constantine explains why the industry needs to focus on evoking intentional change rather than launching lackluster initiatives.

Navigating capacity concerns amidst record-high volumes

High loan volumes continues to loom large in the new year, making the “one-stop-shop” approach to the servicing and lending process even more appealing.

Amid record-high origination volumes, mortgage fraud risk is down

CoreLogic's recently released Mortgage Fraud Report is the industry standard for nationwide fraud monitoring and analysis. Read the findings here.

How student loan debt impact homeownership

Student loan expert Catalina Kaiyoorawongs shares her practical and tangible advice for people who feel overwhelmed by their student loan debt.

Politics & Money

Trump picks Dana Wade to serve as FHA commissioner

Announces plans to nominate Wade to lead FHA

With Brian Montgomery currently awaiting a full Senate vote to confirm him as the next deputy secretary of the Department of Housing and Urban Development, the Trump administration is moving to name his replacement as the leader of the Federal Housing Administration.

The Trump administration announced Thursday it plans to nominate Dana Wade to serve as HUD’s assistant secretary for housing and federal housing commissioner, a role that would put Wade in charge of the FHA.

Montgomery holds that role now, while also serving as interim deputy secretary of HUD for more than a year.

In October, President Donald Trump nominated Montgomery to be the second in line behind HUD Secretary Ben Carson, but Montgomery has held HUD’s No. 2 spot on an acting basis since January 2019.

If Montgomery is officially approved for the deputy secretary position, the position of FHA commissioner would be empty, opening the door for Wade to step in.

Wade would replace Montgomery, who is in his second term 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.

Like Montgomery, Wade would be in her second stint as FHA commissioner if she is approved. Wade previously was the acting federal housing commissioner and assistant secretary for housing from July 2017 to June 2018.

That period covered the time in between when Montgomery was nominated to serve as FHA commissioner and when he was approved.

According to an announcement from the White House, during her time as acting FHA commissioner, Wade “oversaw over 2,400 employees and implemented enhanced risk management and monitoring of the Federal Housing Agency’s $1.3 trillion portfolio.”

It should be noted that the release from the White House states that Wade previously served as the acting commissioner of the “Federal Housing Agency,” which doesn’t exist.

The White House likely meant “Federal Housing Administration,” not “Federal Housing Agency.”

The White House announcement also states that Wade served as a program associate director for general government at the Office of Management and Budget from December 2018 to December 2019. In that role, Wade led budget oversight for six Executive Branch agencies, including HUD, and multiple independent agencies.

Wade has also served as the deputy staff director for the Senate Committee on Banking, Housing, and Urban Development.

Most Popular Articles

Prepare for the rise in mortgage rates

Economists offer their takes on how high mortgage rates will climb, how lenders will respond and what impact this will have on the housing market. HW+ Premium Content

Jan 18, 2021 By

Latest Articles

2020 ends with 3.4 million loans in delinquency

The final delinquency tally for December is in, with data revealing that by end of 2020, 1.54 million more mortgages were reported delinquent.

Jan 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please