FHA Commissioner Frank Cassidy Resigns After Advancing Credit-Scoring Modernization

The Federal Housing Administration, part of the U.S. Department of Housing and Urban Development, insures mortgages for single-family homes, multifamily properties and healthcare facilities and oversees a mortgage portfolio of about $2 trillion. Frank Cassidy joined HUD in April 2025 and was confirmed by the Senate in December that year. During his tenure, he focused on reducing financing costs and expanding access to mortgages.

Cassidy announced his resignation on June 5, 2026, after taking leave in April for family reasons. The resignation took effect June 1, and he will return to the private commercial mortgage market. Ginnie Mae President Joseph Gormley is serving in an acting capacity. During Cassidy’s tenure, FHA cut mortgage insurance premiums for all multifamily loans to the statutory minimum of 25 basis points and confirmed on May 21 that it would incorporate VantageScore 4.0 and FICO 10T.