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FHA+ Intelligence Briefing
FHA, HUD, GSE, Regulators & Housing Finance Policy.
FHA+ is a publication of Gate House Strategies delivering expert insight on the Federal Housing Administration and the broader housing finance landscape. Washington moves fast, with policies shifting, leadership changing, and new directives emerging with little notice. FHA+ provides clear, insider perspective on the people, programs, and policies shaping mortgage finance so you stay informed, prepared, and ahead of the curve.
Read the Latest Issue
August 2026
- Think Piece: Brian D. Montgomery on FHA’s long, cautionary history with downpayment assistance, the risks of a new zero-down mortgage proposal, and the lessons of the 2008 housing crisis.
- Three Questions: Michael J. Marshall on why the mortgage rate lock-in effect is easing only in fits and starts, how locked-in homeowners are turning to second liens instead of selling, and what it means for housing turnover and affordability.
- Inside Voices: FHA’s proposed partial claim modernization, manufactured housing’s role in the ROAD to Housing Act, renewed congressional scrutiny of the FHLBs, a CFPB regulatory reassessment, and new AI vendor-readiness requirements.
- Gate House Index: FHA's DPA share hits a 16-year high, half of outstanding mortgages still carry sub-4% rates, and the data behind why rate lock-in keeps reshaping who buys, sells, and waits.
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Read Previous Issues
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July 2026
- Think Piece: As we approach the 250th July 4th celebration, for this special (and lengthier) edition of Think Piece, our partner Brian Montgomery reflects on the history of the housing and housing finance industry, its remarkable evolution and growth over two and a half centuries, and the ways in which it has adapted to meet the nation’s significant challenges, and even, perhaps contributed to the Founders' vision of life, liberty, and the pursuit happiness for ordinary Americans.
- Three Questions: Mike Frueh on the new VA Partial Claim loss mitigation program, the VA Home Loan Affordability Act, and funding fee tradeoffs in the VA Omnibus bill.
- Inside Voices: TFHA’s modernization push through recent Mortgagee Letters, a widening gap between FHA and conventional delinquency rates, Bill Pulte’s dual mandate at FHFA and ODNI, and the housing market’s $30 trillion equity cushion.
- Gate House Index: In honor of America's 250th birthday, this month's Gate House Index charts the nation's growth from 2.5 million people to today — population, urbanization, the Homestead Act's 270 million transferred acres, homeownership rates, and the $50+ trillion in residential real estate value now underpinning the American economy.
June 2026
- Think Piece: In 2023, Congress excluded federally backed housing loans from NEPA—yet HUD and USDA still require it. Paul Compton explains what the law says, why agencies haven’t acted, and what that delay costs the industry.
- Three Questions: FHFA and FHA approved VantageScore 4.0 alongside legacy FICO models—a major shift in mortgage underwriting. Keith Becker breaks down what changed, who benefits, and the operational and risk management challenges ahead.
- Inside Voices: The 21st Century ROAD to Housing Act clears the House 396–13; HUD releases a construction best practices report; manufactured housing gets a potential chassis overhaul; appraisal modernization accelerates; and VA expands benefits and launches a new partial claim program.
- Gate House Index: A look at HUD multifamily NEPA review timelines, the $17 billion in federal housing finance still running through them despite a statutory exemption, and a comparison of VantageScore 4.0 vs. Classic FICO score distributions.
May 2026
- Think Piece: Brian Montgomery on President Trump’s housing executive orders and their key implications for HUD and FHA, including appraisal modernization, servicing reform, digitization, and housing supply.
- Three Questions: Michael Marshall on Fannie Mae’s new crypto asset policy, how it aligns with the GENIUS Act, and what the future of digital assets means for mortgage lending.
- Inside Voices: The Economic Report of the President on housing supply, Ginnie Mae’s TPP delinquency fix, VantageScore acceptance, new construction energy code rollback, and the Fed Chair transition.
- Gate House Index: Homeownership affordability relative to median income, cryptocurrency ownership rates and household demographics, geographic distribution of crypto wealth across U.S. households, and Bitcoin volatility trends.
April 2026
- Think Piece: Michael Marshall on AI’s rapid transformation of mortgage finance, the risks of bias and fraud, and the growing need for a clear federal regulatory framework.
- Three Questions: Keith Becker on rising homeowners’ insurance costs, the tradeoffs of new GSE policy shifts, and the broader implications for affordability, risk, and credit access.
- Inside Voices: A sweeping housing executive order, bipartisan legislation nearing the finish line, expanding HUD responsibilities, insurance policy shifts, and the growing impact of student debt on homeownership.
- Gate House Index: Rising insurance costs, credit loss dynamics, AI adoption trends, and the growing gap between AI investment and real-world implementation in mortgage finance.
March 2026
- Think Piece: Len Wolfson on the bipartisan housing package advancing in Congress and what comes next.
- Three Questions: Rodney Hood on AI’s role in expanding financial inclusion, the importance of model transparency and governance, and the continued strength of the U.S. financial system.
- Inside Voices: State of the Union housing signals, bipartisan manufactured housing reform efforts, debate over bank capital rules and nonbank risk of governance and liquidity, and rising calls for consistent federal AI standards in mortgage lending.
- Gate House Index: Institutional investor ownership of single-family homes, the cost of regulations, AI in lending, bank strength, and other key housing and mortgage indicators.
February 2026
- Think Piece: Michael Frueh on the evolution of the VA Home Loan from GI Bill roots to a modern, flexible, and battle-tested mortgage program.
- Three Questions: Michael Marshall on the emerging “buyers’ market,” persistent structural shortages, and supply-side solutions.
- Inside Voices: Davos housing signals, HUD oversight priorities, FHA foreclosure updates, Ginnie Mae’s growing footprint, VA fee debates, and AI in underwriting.
- Gate House Index: VA market share trends, home price moderation, buyer/seller dynamics, sales activity, listing levels, and time-on-market indicators.
January 2026
- Think Piece: Brian Montgomery on greater independence for Ginnie Mae and FHA
- Annual Report Reaction: Keith Becker on FHA’s 2025 Report to Congress
- Three Questions: Cecily King on 2026 developer challenges
- Inside Voices: What we’re hearing across industry and policy circles
- Gate House Index: Key housing and mortgage indicators
December 2025
- Think Piece (Special Holiday Edition): Housing leaders reflect on 2025’s biggest shifts and what’s ahead in 2026.
- Three Questions: Joseph Gormley on Ginnie Mae’s priorities, capital markets, and modernization efforts.
- Inside Voices: HUD reopening, FHA delinquencies, GSE developments, AI policy debates, and CFPB updates.
- Gate House Index: Key 2026 forecasts for growth, inflation, rates, housing activity, and originations.
November 2025
- Think Piece: Michael Waldron on litigation mitigation strategies as federal enforcement declines and state/private actions rise.
- Three Questions: Keith Becker on Buy Now, Pay Later — data gaps, underwriting risks, and potential regulatory action.
- Inside Voices: Shutdown impacts, ROAD to Housing developments, reverse mortgage reform signals, FICO changes, housing supply pressure, and rising AI-related fraud.
- Gate House Index: Enforcement trends, BNPL growth and delinquency data, state activity, and historical FHA context.
October 2025
- Think Piece: Michael Marshall on how innovation in modular, manufactured, 3D-printed, and AI-driven construction could lower costs and reshape housing supply.
- Three Questions: Steve Irwin on the reverse mortgage market — demographic demand, investor appetite, underwriting, and technology standardization.
- Inside Voices: Government shutdown risks, potential housing emergency actions, FHA waterfall updates, and CWCOT program developments.
- Gate House Index: Home price and square-foot trends, affordability shifts, mortgage debt growth, and rising home equity — especially among seniors.
September 2025
- Think Piece: Earl Randall and Hunter Kurtz on HUD’s long-term role in disaster recovery, the evolution of CDBG-DR, and efforts to make the program permanent.
- Three Questions: Stockton Williams on the bipartisan momentum behind the ROAD to Housing Act and the critical partnership between state HFAs, lenders, and HUD.
- Inside Voices: ROAD Act progress, condo market bottlenecks, rising insurance costs, HUD language policy changes, and renewed GSE IPO speculation.
- Gate House Index: Disaster recovery appropriations trends, rising insurance premiums, and the growing role of state housing finance agencies in homeownership and rental production.
August 2025
- Think Piece: Brian Montgomery on FHA rescissions, red-tape reduction, and the Administration’s push to streamline origination, servicing, and compliance standards.
- Three Questions: Michael Waldron on navigating a shifting enforcement environment and using compliance as a strategic advantage.
- Inside Voices: Credit reporting shakeups, CWCOT scrutiny, rising hazard insurance risk, escalating mortgage fraud, HUD leadership updates, and renewed GSE exit debates.
- Gate House Index: FHA market share trends, delinquency dynamics, foreclosure levels, securitization shifts, and HUD’s regulatory rollback efforts.
July 2025
- Think Piece: Michael Marshall and Gerald Flood on America’s housing supply dilemma — competing shortage estimates, structural underbuilding, affordability strain, and policy pathways to expand supply.
- Three Questions: Dror Oppenheimer on the post-pandemic loss mitigation reset, rising insurance pressures, and evolving risk management within FHA’s portfolio.
- Inside Voices: Reconciliation bill housing provisions, AI regulatory battles, FHA rescissions and foreclosure guidance, VA partial claim restoration, crypto in mortgage underwriting, CFPB shifts, BNPL scrutiny, and trigger lead reform.
- Gate House Index: Household growth vs. housing stock, mortgage payment-to-income pressures, competing shortage estimates, delinquency drivers, and supply-demand indicators.
June 2025
- Think Piece: Keith Becker on restoring the VA partial claim — strengthening home retention for veterans while protecting taxpayers and the VA Home Loan Program.
- Three Questions: Liz Scholz on ending Fannie Mae and Freddie Mac conservatorship — capital plans, UMBS safeguards, and managing market stability.
- Inside Voices: CFPB retrenchment, FHA policy resets, FHFA reorganization and fraud focus, AI-powered underwriting advances, and rising delinquency concerns.
- Gate House Index: FHA partial claim trends, VA and FHA delinquency shifts, foreclosure pressures, and early signals on housing supply dynamics.
May 2025
- Think Piece: Paul Hancock on appraisal bias allegations, TILA independence rules, FHA policy rescissions, and how lenders can navigate fair lending risk without crossing legal lines.
- Three Questions: Brian Montgomery on why RESPA belongs back at HUD — restoring housing-focused oversight and regulatory clarity.
- Inside Voices: Rising FHA delinquencies, DACA eligibility shifts, loss mitigation transitions, SDQ trends, and the end of VASP amid calls for VA partial claim authority.
- Gate House Index: FHA’s countercyclical role, delinquency drivers, foreclosure trends, Ginnie Mae market share growth, and evolving MBS dynamics.
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