What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

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.

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