The U.S. Senate has confirmed Scott Turner, President Trump's choice to head the Department of Housing and Urban Development, in a largely party line vote, 55 to 44.
Only Democratic Senators John Fetterman, who represents Pennsylvania, and Peter Welch of Vermont, broke ranks with the party in support of Turner.
After the party line vote in the Senate Banking Committee on Jan. 23 needed to advance the nomination, Elizabeth Warren of Massachusetts said
"That will be great to have him in the building," Jeffrey Little, general deputy assistant secretary at the U.S. Department of Housing and Urban Development, said at the Mortgage Bankers Association's servicing conference.
He said he's heard a lot of questions from servicers about items like how the recent executive order will affect policies like the Federal Housing Administration's new waterfall. HUD understands this is important and Little asked for patience on such items.
"People should expect change," he said, but added, "It's too soon to get into specifics."
In a press release from HUD, Turner said he will lead the department in furthering the goals stated in a President Trump executive order of lowering the cost and expanding the supply of housing.
"The path ahead of us presents an opportunity to restore HUD to its core mission of supporting strong and sustainable communities and quality, affordable homes — serving our nation's most vulnerable," Turner said. "We must reduce burdensome regulations to make homeownership easier while unleashing prosperity that has been stifled in communities across the country for far too long."
Following Turner being announced
U.S. Mortgage Insurers, whose product competes with the Federal Housing Administration's offerings for
"With his background in the public and private sectors, we look forward to working with Secretary Turner to foster a coordinated and robust housing finance system in which private capital takes on an even greater role in enabling opportunities for homebuyers while protecting taxpayers and the government from mortgage credit risk," USMI President Seth Appleton said in a statement. "This will allow HUD to focus its efforts on its critical mission of safely and soundly assisting traditionally underserved borrowers."
The Community Home Lenders of America said it "fully supports" Turner's ascension.
"We are encouraged by his commitment to addressing broken housing policies and expanding sustainable homeownership opportunities," Scott Olson, CHLA executive director, said in its statement. "His focus on helping Americans achieve self-sufficiency and the American dream aligns with our mission to ensure a strong, accessible, and responsible mortgage market."
The Mortgage Bankers Association, which was part of a housing industry letter in favor of Turner prior to the committee hearing, reiterated its support.
"We will continue to advocate for policies and solutions that improve housing supply and affordability and stand ready to work with leadership and staff at HUD, the Federal Housing Administration, and Ginnie Mae as they carry out their important roles in supporting single-family and multifamily housing markets while protecting taxpayers," the trade group's President and CEO Bob Broeksmit said in a statement after the vote.
Besides MBA and USMI, another signatory to that letter was the National Association of Home Builders.
"With the nation confronting a shortfall of roughly 1.5 million housing units and facing a housing affordability crisis, Secretary Turner understands the urgent need to boost housing production to provide affordable homeownership and rental housing opportunities for all Americans," NAHB Chairman Carl Harris said in the group's statement. "NAHB looks forward to working with Secretary Turner and his new team to eliminate excessive regulations that are raising housing costs, ensure stable and liquid markets for single-family and multifamily housing, and promote policies that will help keep the housing industry and economy moving forward."
Turner has a long-standing dedication to community development, a statement from the National Housing Conference said. "We look forward to working with him to modernize and simplify HUD's regulations to make it easier to use HUD programs," said David Dworkin, the group's president. "We are eager to collaborate on initiatives that support the construction of affordable housing, particularly for first-time and first-generation homebuyers, as well as addressing the insurance crisis."
Turner "being confirmed makes it a lot easier for us to move forward," Little said, adding that mortgage lenders should follow existing rules for now, but be prepared for the possibility of change.
— Bonnie Sinnock contributed to this story
