MBA Urges Senate Committee Approval of Dana Wade as FHA Commissioner
The Mortgage Bankers Association, in a May 4 letter to Senate Banking Committee leadership, urged approval of Dana Wade’s nomination as FHA Commissioner.
“Ms. Wade’s extensive background and knowledge of HUD and the housing market will help guide FHA to support access to sustainable credit and affordable housing, as well as maintain the critical multifamily public-private partnership,” wrote MBA President and CEO Robert Broeksmit, CMB.
Wade, nominated by President Trump in February, would replace Brian Montgomery as FHA Commissioner. Montgomery has himself been nominated to serve as HUD Deputy Secretary and is awaiting final Senate confirmation.
In his letter, Broeksmit noted Wade’s previous experience as Acting Assistant Secretary for Housing and FHA Commissioner from July 2017 to June 2018, as well as her senior staffing roles at the Office of Management and Budget and within the Senate.
“[This]provide her with a unique perspective on the issues facing our nation’s housing and mortgage markets,” Broeksmit wrote. “This experience will serve her well at FHA, where she will manage over 2,400 employees and a $1.3 trillion mortgage portfolio. Most importantly, if confirmed, she will be tasked with guiding the FHA program to better serve borrowers who face economic distress due to COVID-19-related hardships.”
Broeksmit also commended Wade for her work with Ginnie Mae to help establish a lending facility in response to the COVID-19 pandemic, “a development enabling many mortgage servicers to better serve borrowers who are seeking assistance at this critical time. This type of facility, and others being considered by the Federal Reserve and the Treasury Department, are vital to the health of the mortgage finance market and are crucial for residential and commercial/multifamily mortgage servicers to provide unprecedented levels of mortgage payment forbearance as authorized under the CARES Act.”
Broeksmit said Congress, the White House, HUD, Treasury, the Federal Housing Finance Agency, the Federal Reserve, other federal regulators and state and local officials must ensure that borrowers, renters and small businesses are properly supported and protected during this pandemic.
“While addressing this crisis and preparing for the future, MBA believes FHA must continue to address several critical management priorities, including enhancing efficiency and technology deployment, improving and streamlining servicer requirements, and ensuring the long-term financial stability of the FHA program,” Broekmit wrote. “Ms. Wade’s extensive background and knowledge of HUD and the housing market will help guide FHA to support access to sustainable credit and affordable housing, as well as maintain the critical multifamily public-private partnership.”
The Banking Committee is scheduled to hold a nomination hearing for Wade this afternoon at 2:30 pm. ET in room 106 Dirksen Senate Office Building. The hearing can be accessed online at https://www.banking.senate.gov/hearings/04/28/2020/nomination-hearing. Upon approval by the Banking Committee, Wade’s nomination would move to the Senate floor for a vote at a date to be determined.
