After serving the role of Federal Housing Administration Commissioner since June 2018, Brian Montgomery was today confirmed by the Senate as Department of Housing and Urban Development Deputy Secretary.
He was nominated to the position full time by President Donald Trump in October 2019. At the time, he held the role of acting deputy secretary of HUD.
As Federal Housing commissioner since June 2018, Montgomery has managed the Federal Housing Administration’s more than $1.4 trillion mortgage insurance portfolio, HUD noted in a press release touting the confirmation.
“Brian has done an exemplary job both leading FHA and performing the additional duties of the Deputy Secretary since January 2019,” said HUD Secretary Ben Carson in the release. “During this unprecedented pandemic, he has been by my side every step of the way as we have implemented policies to protect Americans across the country. As the head of FHA, Brian has helped HUD relieve the burden on renters and homeowners experiencing financial hardship, and to ensure no one loses their home as a result of this national health and economic emergency.”
The statement also pointed to HUD’s IT modernization under Montgomery’s leadership.
For the Home Equity Conversion Mortgage program and reverse mortgages in general, Montgomery has shown his support through his various roles at HUD and FHA. He has addressed the industry via National Reverse Mortgage Lenders Association conferences as well as in regular dialogue with industry publications including RMD.
“On behalf of the members we represent, and the seniors our members serve, I would like to congratulate Brian Montgomery on his confirmation to serve as Deputy Secretary of HUD,” said NRMLA President Steve Irwin in a statement emailed to RMD. “Brian has been a careful steward of the HECM program, and his steady leadership has, once again, shone through in a time of crisis. We wish him well.”
Under his leadership, HUD has implemented several policy changes in an effort to shore up the mutual mortgage insurance fund, one of the most recent being the collateral risk assessment, otherwise known as the second appraisal rule.