Key Accomplishments at FHA
Under Cassidy’s leadership, the Federal Housing Administration slashed regulations and red tape and helped the private sector build more.
Reduced Multifamily Insurance Premiums: Lowered the MIP for multifamily mortgage insurance, from as high as 95 basis points down to the statutory minimum of 25, across ALL multifamily loan programs.
Eliminated Green Energy Bureaucracy: Removed costly, outdated, and burdensome sustainability requirements that forced multifamily developers to pay hundreds of thousands of dollars for third-party environmental certifications.
Streamlined Distressed Loan Processes: Modernized the single-family, loss-mitigation waterfall to phase out obsolete, pandemic-era policies, thus moving FHA toward more efficient outcomes.
Fast-Track Lending: Implemented a fast-track review process for low-risk Section 232 loans tied to residential senior housing and healthcare, reducing loan approval and closing timelines by over 50%.
Record-Setting FHA Capital Reserves: Oversaw the Mutual Mortgage Insurance (MMI) Fund as it maintained a record-high 11.47% capital ratio, more than five times the congressionally mandated 2% minimum, with total MMI Fund capital reaching $188.9 billion.
Modernized Credit Scoring: Announced FHA’s adoption of VantageScore 4.0 and FICO Score 10T, introducing competition into single family mortgage credit scoring and allowing positive rental-payment history to help more creditworthy Americans qualify for homeownership.