Join us on LinkedIn Follow us on Twitter Like us on Facebook Follow us on Instagram
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation5

Industry News

Montgomery confirmed as HUD’s deputy secretary

Email A Friend Printer Friendly Version
0 comments
Industry News
Thursday, May 14, 2020

The full Senate has confirmed Federal Housing Commissioner Brian Montgomery in his additional role as the Department of Housing and Urban Development’s (HUD) second-in-command.

Montgomery officially was named HUD’s deputy secretary Tuesday in a 61-32 vote.

He had been acting deputy secretary since January 2019, taking over from Pam Patenaude, who retired. He will manage the day-to-day operations of the agency and will advise and assist HUD Secretary Ben Carson in leading the department’s nearly 8,000 employees.

Montgomery called it an honor to take on the new position.

“We will continue to do everything possible to protect our country’s most vulnerable populations – including the homeless, the elderly, and many others with compromised health,” he said in a news release. “We will provide critical support to low-income renters in public housing, seniors, people with disabilities and with AIDS, among others, including homeowners under stress at this time and those hoping to make it into a decent, safe, affordable home.

“I am proud to help lead the department and humbled to be able to offer all that I can to our endeavors, to deliver it more effectively, efficiently, and with the highest integrity on behalf of American taxpayers.”

Montgomery has led FHA since June 2018, managing that agency’s more than $1.4 trillion mortgage insurance portfolio, which includes its single family, multifamily and health care programs. As assistant secretary for housing, he has overseen HUD’s Project-based Section 8 rental assistance housing program, the Office of Housing Counseling and HUD’s Manufactured Housing Program.

“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,” Carson said in the release. “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 IT modernization effort underway at FHA under his stewardship has been central to our ability to continue to serve as a source of strength to the housing market.”

American Land Title CEO Diane Tomb issued a statement supporting the confirmation.

“Deputy Secretary Montgomery has been a steadfast, dependable leader during these uncertain times, serving as acting deputy secretary for more than a year in addition to his role as Federal Housing Administration commissioner,” Tomb said. “We are fortunate to have a public servant of his caliber serving our country and working to help those most at risk to have access to affordable housing during this pandemic. Deputy Secretary Montgomery’s long-term expertise within the housing community will be extremely valuable to all Americans as we navigate our country through the current crisis. ALTA looks forward to supporting these efforts.”

Montgomery has more than 30 years of experience in the public and private sectors. During his first term as HUD’s assistant secretary for housing and FHA commissioner, he spearheaded regulatory reform of RESPA, developing solutions to assist struggling homeowners during the financial crisis.

From January 2003 until April 2005, Montgomery served in the Executive Office of the President as deputy assistant to the president and cabinet secretary. In this role, he led the White House’s internal working group to monitor all facets of the Space Shuttle Columbia accident investigation for which he was awarded the NASA Exceptional Service Medal.

He also served as deputy assistant to the president and director of presidential advance from January 2001 until January 2003. He traveled extensively with President George W. Bush, including on Sept. 11, 2001.

In February, the White House announced plans to nominate Dana Wade to take Montgomery’s place as FHA commissioner. Wade previously served as acting FHA commissioner and assistant secretary for housing from July 2017 to June 2018.

Today's other top stories
HUD announces new leadership appointments
Class action suit filed against HUD over withheld FHIP funds
FHA releases policy retractions for single family-mortgage insurance
House amends, passes ‘trigger lead’ legislation
Pending home sales rise in May in all regions


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
Please enter a comment.
CAPTCHA Validation
CAPTCHA
Code:
Please enter the word displayed in the image above. Please enter the word displayed in the image above.
: 
Please enter your name.
: 
Please enter your email address.
This field must contain a valid email address.
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 1456 times.

Monthly Newsletter

RESPA News Monthly
July 2025

Cover Story:

Attorney responds to judge denying motion to vacate Townstone settlement


News by Topic   News by Edition   In-depth Reports   Events   Subscribe
All Rise
Case Law
Enforcement Update
Industry News
Legislation
Regulatory News
The Week in Washington
The TRID Journey
TILA News
 
 
RESPA News Monthly
May 2025
RESPA News Monthly
June 2025
RESPA News Monthly
July 2025
Archives
 
2025 State of the Industry
The ABCs of RESPA
Fair Lending
Mortgage Technology
Real Estate Compliance Outlook
Archives
 
 
National Settlement Services Summit (NS3)
Women's Leadership Summit (WLS)
Webinars
 
Subscriptions
Free Email Updates
Try a Free Edition
Library       RESPA Defined   About   Other Publications
NAR Settlement Resources
Affiliated Compliance
Blog - Tuesdays with Mary
Case Law
CFPB Guidance Documents
Enforcement Documents
Federal and State Legislation
Federal Register Notices
HUD's FAQ's - General
HUD's RESPA final rule FAQs
 
Keys to Real Estate Podcast
Model Disclosure Forms
Other Guidance Documents
Position Papers
Proposed Disclosure Forms
Proposed Rules and Regulations
Settlement Agreements
Statements of Policy
Studies and Proposals
 
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
Current Issues
The RESPA Statute
 
RESPA News
Contact / Editors
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement
 
The Title Report
The Legal Description
Valuation Review
Dodd Frank Upate
Copyright © 2005-2025 RESPA News
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.respanews.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Dodd Frank Update
> The Legal Description
> The Title Report
> Valuation Review
> NS3 The Summit
> Women's Leadership Summit
> October Research, LLC
> The October Store


Loading... Loading...
12 USC Section 2605 or Section 6 is titled Servicing of mortgage loans and administration of escrow accounts. It pertains to qualified written requests, notices of transfer of servicing and the administration of escrow accounts.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
An arrangement that involves a person who is in a position to refer business as part of a real estate settlement service and who has an interest in a settlement services provider.

In the arrangement, the person, who has either an affiliate relationship with or a direct or beneficial ownership interest of more than one percent in a settlement services provider, directly or indirectly refers business to that provider or influences a consumer to select that provider.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
A mortgage disclosure that lists all estimated charges and fees associated with your loan. In addition to fees and charges, it will list your loan amount, mortgage rate, loan term and estimated monthly payment. Your escrows due at closing for insurance and taxes will also be outlined. Mortgage lenders are legally required to provide a GFE within three days of receiving your application.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
Under RESPA Section 2605(e)(1)(B), a qualified written request is a written correspondence that includes: 1) the name and account of the borrower, or has enough information to allow the servicer identify that information; and 2) a statement of the reasons for the belief of the borrower that the account is in error or provides sufficient detail to the servicer regarding other information sought by the borrower.

A QWR cannot be written on a payment coupon or other payment medium supplied by the servicer.
12 USC Section 2609 or Section 10 is titled Limitation on requirement of advance deposits in escrow accounts. It governs escrow accounts including notifications and statements to borrowers. Section 10 also sets out penalties for those who violate the section.
RESPA Section 3 provides that a thing of value includes any payment, advance, funds, loan, service or other consideration

Regulation X says thing of value includes: monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person’s expenses or reduction in credit against an existing obligation.
A form used by a settlement or closing agent itemizing all charges imposed on a borrower and seller in a real estate transaction. This form represents the closing transaction and provides each party with a complete list of incoming and outgoing funds. RESPA requires the HUD-1 to be used as the standard real estate settlement form in all transactions in the U.S. involving federally related mortgage loans.
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
IN-DEPTH REPORTS
EVENTS
LIBRARY
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
All Rise
Case Law
Conference Coverage
Enforcement Update
Industry News
Legislation
Regulatory News
This Week in Washington
The TRID Journey
TILA News
Current Edition
June 2025
May 2025
April 2025
Archives
2025 State of the Industry
Real Estate Compliance Outlook
The ABCs of RESPA
Fair Lending
Mortgage Technology
Best Practices
Archives
National Settlement
Services Summit (NS3)
Women's Leadership
Summit (WLS)
Webinars
2025 Economic Outlook Series
Evolving Realtor Relationships
CFPB's Shake-Up & Its Impact
Artificial Intelligence for Title
Industry and Regulatory Outlook
RESPA Updates You Need to Know
Evolving Consumer Relationships
Strategies post-NAR settlement
Excess Equity
Securing Your Cyber Network
2024 Economic Forecast Series
Webinar Archives
Cyber Solutions Showcase
NAR Settlement Resources
Keys to Real Estate Podcast
Blog - Tuesdays with Mary
Executive Interview Series
eClosing Solutions Showcase
RESPA DEFINED
Affiliated Compliance
Case Law
Disclosure Forms
Enforcement
Federal and State Legislation
Guidance Documents
HUD's FAQ's - General
HUD's RESPA final rule FAQs
In-Depth Reports
Position Papers and Studies
Rules and Regulations
Timeline of revisions
Disclosure requirements
Prohibited practices
RESPA enforcement
Dodd-Frank Amendments
RESPA Glossary
Current Issues
The RESPA Statute
Model Disclosure Forms
Proposed Disclosure Forms
Enforcement Documents
Settlement Agreements
CFPB Guidance Documents
Other Guidance Documents
Statements of Policy
Position Papers
Studies and Proposals
Federal Register Notices
Proposed Rules and Regulations
RESPA News
Contact Us
Advertise
Request a Media Kit
Social Media
Are You An Expert?
Subscriber Agreement