Weekly Real Estate News
Summary
FHA commissioner nominee Matt Jones told the Senate Banking Committee that expanding housing supply, manufactured housing and reducing regulatory costs would be priorities if confirmed. The Oct. 1 hearing advances his nomination but does not itself change FHA policy.
Matthew Jones, President Donald Trump’s nominee to lead the Federal Housing Administration, told senators Thursday that expanding housing supply and continuing HUD’s push to reduce regulatory costs would be central priorities if he is confirmed.
Jones appeared before the Senate Banking, Housing and Urban Affairs Committee on Oct. 1 as the nominee for assistant secretary for housing at the Department of Housing and Urban Development, the position that carries the duties of FHA commissioner.
The hearing moved Jones’ nomination into its next formal stage after Trump nominated him in September. Jones already serves as HUD’s deputy assistant secretary for single-family housing, giving him responsibility for much of FHA’s mortgage operation while his nomination is pending.
Asked by Sen. Mike Crapo, R-Idaho, what he would prioritize as commissioner, Jones put housing supply first.
“I think the American people understand we need more supply,” Jones said during the hearing, according to contemporaneous reporting. He pointed to provisions in the 21st Century ROAD to Housing Act and HUD’s work on manufactured housing, describing non-site-built housing as a significant opportunity to expand production.
Jones points to regulatory cuts already underway at FHA
Jones also used the hearing to defend HUD’s deregulatory work in the single-family program. He said more than 150 regulatory requirements have been eliminated during his tenure, including requirements affecting construction, mortgage origination and servicing costs.
The comments provide a clearer indication of how Jones would approach FHA than was available when his nomination was announced. WRE News reported Sept. 15 that Jones would enter the job during a period of significant mortgage-policy change, including the agency’s transition toward newer credit-scoring models and continued industry pressure to reduce program costs.
Jones’ nomination comes as affordability remains a central issue for FHA borrowers. In opening the hearing, Senate Banking Committee Chairman Tim Scott, R-S.C., said FHA has an important role in helping families obtain mortgage financing while protecting taxpayers. Scott also highlighted manufactured housing, housing counseling and the Office of Housing’s programs serving older Americans and people with disabilities.
Jones’ current position gives him direct experience with FHA’s single-family portfolio. WRE previously reported that the portfolio exceeded 8 million insured loans and $1.6 trillion in unpaid principal balance at the end of fiscal 2025.
Manufactured housing and property standards move higher on the agenda
Manufactured housing received particular attention during the hearing. Jones said HUD sees an opportunity to increase housing production outside traditional site-built construction, an area where federal financing rules and property standards can materially affect development and borrower access.
Sen. Mike Rounds, R-S.D., also questioned Jones about efforts to harmonize minimum property standards across federal housing programs and the government-sponsored enterprises. Jones said HUD and FHA are actively working to implement the administration’s directive on greater coordination among housing agencies.
For lenders, uniformity among FHA, the Department of Veterans Affairs, the Department of Agriculture, Fannie Mae and Freddie Mac could reduce some of the property-level differences that complicate government and conventional mortgage production. The extent of any changes, however, will depend on formal agency guidance rather than confirmation-hearing commitments.
Credit scoring remains part of FHA’s transition
Jones would also inherit FHA’s credit-score modernization work. HUD has been preparing lenders for broader use of VantageScore 4.0 and FICO 10T, with implementation work extending into 2027.
The issue has become more significant as FHFA simultaneously changes the credit-score framework used by Fannie Mae and Freddie Mac. For FHA lenders, implementation details will determine how much operational change is required and whether newer models materially alter borrower eligibility or origination costs.
Thursday’s testimony did not itself change FHA underwriting or credit policy. Jones was describing priorities he would pursue if confirmed, not announcing final agency rules.
The Senate Banking Committee must still act on the nomination before it can move to the full Senate. Until confirmation, Jones remains deputy assistant secretary for single-family housing rather than the permanent FHA commissioner.
