The new policy, meant to assist borrowers in Puerto Rico and the U.S. Virgin Islands, will let servicers evaluate borrowers using pre-disaster payment information.
Brian Montgomery is examining why the reverse mortgage program has suffered big losses, but he said he opposes any changes that could make it harder for the elderly to stay in their homes.
Montgomery was confirmed by the Senate 74-23 to serve his second stint at the FHA, where he previously was commissioner during the George W. Bush administration.
The Senate Banking Committee had approved Powell already in December, but a revote was necessary after the Senate adjourned for the year without finalizing his confirmation.
More than 100 pending Trump administration nominees, including Fed Chair-designate Jerome Powell, must update their financial disclosures and have the White House resubmit their names for consideration by the Senate.
Sen. Elizabeth Warren, D-Mass., and four other Democrats on the Senate Banking Committee are insisting on a recorded vote by the full Senate for the nomination of Brian Montgomery as Federal Housing Administration commissioner.
The Obama administration had tried to ease restrictions on the Federal Housing Administration's condominium program, but the agency under President Trump is seen as moving more aggressively.
Brian Montgomery seems on his way to being confirmed to lead the Federal Housing Administration. But once he gets there, he may find it difficult to be as innovative as he was during his first stint as commissioner — particularly when it comes to reducing FHA premiums.
