DS News - U.S. Bank

60 C O V E R S T O R Y / R A C H E L W I L L I A M S 60 FHA Commissioner Brian Montgomery is back for round two, but he didn't have an easy road getting there. Montgomery sits down with DS News to talk tech, strategy, and serving the American people. After sitting vacant for more than four years, the role of Federal Housing Administration (FHA) Commissioner has finally been filled. ough there were temporary leaders during that time—Acting Commissioner Dana Wade and Senior Advisor Adolfo Marzol, for example—a presidentially appointed, Senate- confirmed commissioner hasn't been at the helm since 2014. It's a problem that Brian Montgomery, who was officially confirmed to the position in May, said is doing the country a disservice. "At the end of the day, it's the American people that lose out," Montgomery said. "My position was vacant. ere hadn't been a confirmed FHA commissioner since October of 2014. at's almost four years that position was vacant." THE MISSING CEO Montgomery likens the vacancy—as well as the now 4.5-year one currently afoot in the office of Public and Indian Housing—to a corporation without a CEO. "at person is the de facto CEO. Could you imagine?" he asked. "e Public and Indian Housing budget is $25 billion. e FHA budget is $10 to $11 billion. Can you imagine a $10- to $11 billion-dollar company not having a CEO for four years?" Still, the agency wasn't without guidance during those four years, Montgomery said. He applauds the work of Wade and Marzol, saying they "did a great job"—especially given the difficulty nonconfirmed leaders face in government positions. "Once you have the Senate-confirmed person in the position, it's much easier to get things done," Montgomery said. "It's never easy, but it's much easier to get things done when the Senate-confirmed person is in there." Ultimately, a Senate confirmation gives the commissioner more clout—more authority to get things done, Montgomery said. And at an agency that, as he calls it, is "the hallmark for first-time homebuyers," getting things done is vital. "FHA borrowers are somewhere between 81 to 83 percent first-time homebuyers," he said. "It's also been the hallmark of a lot of minority homebuyers." Because of its unique ability to serve these cohorts—particularly minorities—the FHA is going to be of growing importance in the coming years, Montgomery said. He estimates that 70 percent of new homebuyers will be minorities in 20 years, with Latinos leading the pack in terms of FHA purchases. "We need to make sure FHA is there to help serve that market," Montgomery said. "Not just for first-time homebuyers, but also to play the so-called counter-cyclical role that BACK IN THE SADDLE

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