Key Posts Collecting Dust

The Trump administration has yet to fill many gaps in in the Department of Housing and Urban Development (HUD), as well as other positions that affect the mortgage industry.

Former Federal Housing Administration (FHA) Commissioner under George W. Bush, Brian Montgomery, current Collingwood Group Vice Chairman, has long been considered the frontrunner for the FHA leadership post, a position held on an interim basis by Dana Wade. Wade is a former staffer for the Senate Banking and Appropriations Committee, as well as the House Budget Committee. Montgomery has been highly influential in the industry and a champion of Home Equity Conversion Mortgage program—which he helped administer.

The pressure to fill additional positions continues to stretch into other areas impacting housing. Pam Patenaude, whose confirmation hearing in mid-June for Deputy HUD Secretary, has not received a vote by the Senate, despite bipartisan support from the committee. Patenaude served as a HUD official under former President George W. Bush, and was a possible candidate for HUD Secretary before the nomination and appointment of Dr. Ben Carson.

The Office of the Comptroller of the Currency is also without a Senate-confirmed leader, despite Joseph Otting, former CEO of OneWest Bank, being nominated back at the beginning of June to take the place of Keith A. Noreika, who has been serving as Acting Comptroller since May 5, 2017.

Randal Quarles’ nomination hearing for the Federal Reserve’s Vice Chairman for Supervision was held in conjunction with Otting’s. If confirmed, Quarles would be the first person to fill the role since its creation in 2010; President Barack Obama did not nominate anyone during his two terms in office.