Vicki Bott, deputy assistant secretary for single-family housing at the Department of Housing and Urban Development, announced this week she will depart from her HUD post on June 24. The Department confirmed today that she is leaving to spend more time with her family.
Bott was actively involved in the HECM program. She joined the department last spring, upon the invitation of then-FHA Commissioner David Stevens, at which point she took the reins on some of the Federal Housing Administration’s forward mortgage programs, as well as on the HECM program, the National Reverse Lenders Association reported today, citing a letter from Bott to her staff announcing her departure.
Under the direction of Bott, the HECM Saver came to launch as a lower-cost option to borrowers that also considered FHA’s risk exposure, NRMLA noted. Additionally, Bott worked toward loss mitigation guidelines to address tax and insurance technical defaults, and ultimately keep senior borrowers in their homes.
The National Reverse Mortgage Lenders Association notified its members of Bott’s departure in an emailed letter from NRMLA President Peter Bell today, which pointed to Bott’s support of the HECM program and its “critical” role, and her ongoing willingness to meet with NRMLA to develop HECM-related solutions.
The NRMLA letter refers to a closing letter sent by Bott to her staff, in which she says Acting FHA Commissioner Bob Ryan will be evaluating the agency to determine a short term replacement as well as a search to fill the position long-term.
Also noted by NRMLA is Bott’s decision to leave HUD in order to “focus more time and energy on personal family matters,” and that she left her roots in Austin, Texas to take on the role within the department.
Recently, Bott has been involved in the development of a financial assessment that would apply to HECM borrowers. When RMD spoke with Bott in March, she said the assessment was well on its way to being written.
Written by Elizabeth Ecker