The Office of Risk Management and Regulatory Affairs is comprised of the Office of Risk Management, Office of Evaluation and Office of Manufactured Housing
The Office of Risk Management will systematically define and articulate risk management strategies and procedures across the program areas of Single Family, Multifamily and Health Care in accordance with its governance policy to obtain the best risk management practices. In addition to meeting regulatory compliance-related responsibilities, the office will promote a risk conscious climate in a manner consistent with the mission and vision of the Office of Housing. The Office of Risk Management leads the Federal Housing Administration in measuring and managing risk.
The Office of Evaluation (OE) provides financial valuations of the various FHA insurance portfolios. Those portfolios include programs for guaranteeing mortgage loans for single-family residences, aging-in-place options for seniors (so-called, reverse mortgages), apartments, nursing homes and assisted-living facilities, and hospitals. The FHA also has co-insurance programs where it shares risk with lenders on home improvement loans and (chattle) loans for purchase of manufactured housing. OE estimates loan-loss reserves for all of these FHA portfolios, for inclusion in the FHA Annual Management Report, and provides budget-receipt estimates for the annual President's Budget. The Office analyze policy changes for financial impact, and produces regular business-trend reports, loan-performance forecasts, and credit-risk analytics. In addition, OE oversees the updating of FHA single-family loan limits each year, produces market-share estimates, and provides senior management with analysis of FHA's position in the broader housing market and housing-finance system.
The Office of Manufactured Housing (MHS) administers the National Manufactured Housing Construction and Safety Standards Act of 1974 (the Act). This Act authorizes HUD to establish federal standards for the design and construction of manufactured homes to assure quality, durability, safety and affordability. HUD standards may preempt state and local laws that do not conform to the HUD standards. The office enforces standards directly or through State Agencies; inspects factories and retailer lots; regulates Installation Standards for the homes; administers a dispute resolution program for defects; establishes and collects a fee for each home built; authorizes a "HUD Label" to be placed on homes that meet the HUD standards and pursues a civil or criminal action for violations of the Act. The Office of Manufactured Housing also oversees a Manufactured Housing Consensus Committee (a Federal Advisory Committee, composed of twenty-one producers, users, general interest and public officials to advise HUD); hires contractors to assist in program administration; and cooperates with other Federal agencies on crosscutting issues, such as DOE and EPA. It also provides technical assistance to the Federal Housing Administration (FHA) on Minimum Property Standards.