July 30, 2021

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Mortgage News

Biden Selects Nominee for FHA Commissioner, Plans to Appoint Acting CFPB Director to HUD

The White House announced on Friday that President Joe Biden has selected a number of new candidates for positions within the administration, including for Assistant Secretary of Housing, the Federal Housing Commissioner and the appointment of the current Acting Director of the Consumer Association Financial Protection Bureau (CFPB) for a position with the US Department of Housing and Urban Development (HUD).

These nominations follow new actions by the FHA and HUD aimed at further mitigating the economic impact of the COVID-19 coronavirus pandemic on both renters and homeowners, with a series of provisions that will impact home equity in the HECM -Program (Conversion Mortgage) and its borrowers.

Nominee FHA Commissioner

For the key position of FHA Commissioner, the President has selected housing attorney Julia Gordon, who currently serves as President of the National Community Stabilization Trust (NCST). NCST is a not-for-profit organization dedicated to neighborhood revitalization and affordable home ownership by promoting residential redevelopment in underserved markets.

At NCST, Gordon’s specialty is federal home ownership, housing finance, and community development policy, in addition to managing the organization’s programmatic work. Prior to NCST, Gordon was Senior Director of Housing and Consumer Finance at the Think Tank Center for American Progress and Manager of the Single Family Policy Team at the Federal Housing Finance Agency (FHFA).

Gordon previously served as Senior Policy Counsel at the Center for Responsible Lending and worked in the legal aid industry, as well as litigation assistant and pro bono coordinator at the law firm WilmerHale.

“Julia Gordon is a recognized policy expert on housing and the NRMLA strongly supports her appointment as FTA commissioner,” said Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA), when reached by RMD.

“Julia Gordon is the right person at the right time to lead the Federal Housing Administration,” said David M. Dworkin, President and CEO of the National Housing Conference (NHC) in a statement on Gordon’s nomination. “As the FTA commissioner, she would bring an exceptional level of leadership, integrity and experience to the job. She has a practical understanding of what communities need, how the mortgage business works, and why progressive housing policies must always be part of our nation’s economic strength and stability. “

Gordon’s earlier views on the reverse mortgage program are well documented as they specifically consider the “struggles” of the HECM program disability FHA’s 2013 financial condition. While at the Center for American Progress, Gordon praised Changes to the HECM program that were passed down in a congressional process at the time as positive for FHA and reverse mortgage borrowers.

Gordon’s nomination comes when HUD Secretary Marcia Fudge recently discussed the need to bolster additional leadership roles in the Ministry, both in the White House Press briefing in March and more recently during Congressional hearings related to the HUD’s 2022 budget proposal. If approved, Gordon will become the first full-time FHA commissioner since Dana Wade, the last FHA commissioner to serve during was confirmed in the administration of Donald Trump and has been in the private sector.

Uejio: from CFPB to HUD

Interestingly, on Friday, President Biden also nominated Dave Uejio – the current acting director of the CFPB – as assistant secretary for fair living and equal opportunities at the HUD. Uejio who was portion as interim head of the CFPB, while full-time candidate Rohit Chopra is awaiting Senate approval, has served as a very active administrator in Chopra’s place, and that is exactly what he is promised when first assuming his role.

Acting CFPB Director Dave Uejio

Uejio has employed mortgage service providers during his tenure as acting CFPB director note, tightened the enforcement of the bureau attitude, reversed regulatory relief for financial companies, praised, “monitor“The reverse mortgage market for possible servicing violations, has action against both forward and against turning back Mortgage lenders for what the agency termed “fraudulent” practices, and has devoted the bureau to addressing problems that are excessive influence Colored and disadvantaged populations.

Prior to joining the CFPB and serving in a variety of roles before becoming Assistant Director in January, his government career stretched back to 2006, where he was a Presidential Management Fellow at the National Institutes of Health (NIH) and in Human Resources has worked capacities at NIH, the Office of Personnel Management and the Office of the Secretary of Defense.

Uejio’s nomination for a post at the HUD could indicate that the administration is preparing for Chopra’s confirmation as full-time director of the CFPB. Chopra, who currently serves as federal trade commissioner, was recently delayed because of an apparently partisan appointment To care relating to the balance of power between Democrats and Republicans serving on the Federal Trade Commission (FTC).

Lina Khan, a law professor and critic of the technology industry at Columbia University, was recently confirmed as the new FTC commissioner and president Biden appointed You, as Chair, may address some of the government’s concerns about Chopra’s approval to lead the CFPB.