Federal Housing Administration Commissioner Frank Cassidy ended a leave of absence on Friday, announcing on social media that he would be permanently leaving the position.
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“I’m excited to return to the private sector and get back to my passion of DOING DEALS,” he wrote in a LinkedIn post in which he also recounted several developments at FHA he counted as key accomplishments during his tenure there, which began after his confirmation last August.
PoliticoPro reported the news earlier.
Single-family mortgage policy changes he mentioned included post-pandemic updates to the loss mitigation waterfall of options for distressed borrowers, which he estimated would save billions of dollars, and credit score modernization through formal adoption of VantageScore 4.0 and FICO 10T.
Multifamily accomplishments he recounted included cutting the multifamily mortgage premium to 25 basis points across the board while eliminating distinctions for “green” energy programs.
“I look forward to continuing to be a voice for the Trump Administration’s housing agenda from the outside, supporting efforts to make housing more affordable for American families,” he wrote.
The Department of Housing and Urban Development previously confirmed in April that Cassidy had gone on leave and Ginnie Mae President Joseph Gormley had agreed to fill in while the FHA commissioner was out.
“Frank Cassidy has served this agency with dedication, and we are grateful for his contributions to the Federal Housing Administration and Office of Housing,” a HUD spokesman said in a statement Cassidy forwarded.
Gormley had said at the Mortgage Bankers Association’s secondary market conference last month that he was delegating some of the responsibilities to FHA officials.Â
Matt Jones, deputy assistant secretary for single-family housing at HUD, appeared with Gormley at that event. Andrew Hughes, has served as deputy secretary.
Cassidy indicated that he looked forward to spending time with his family, including a young daughter he has, and ending an interstate commute his post required.
