Former FHA Commissioner Frank Cassidy Rejoins Walker & Dunlop

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Key Terms

federal housing administration (fha) regulatory

A U.S. government agency that insures mortgages so lenders are willing to make home loans to a wider range of buyers; think of it as a safety net that reduces a lender’s risk if a borrower can’t repay. It matters to investors because FHA-backed loans influence homebuying demand, mortgage rates, and the value and risk of mortgage-backed securities, banks, and real estate investments, much like a stabilizing backstop in the housing market.

government-sponsored enterprise (gse) financial

A government-sponsored enterprise (GSE) is a privately owned financial company created by law to support a public policy goal—such as promoting housing or agricultural credit—and given special privileges or oversight by the government. Think of a GSE like a bridge built and managed by a private contractor but funded and authorized by the state to keep a key road open; it issues bonds, buys or guarantees loans, and thus influences interest rates, credit availability, and risk in related markets, which affects investors in its securities and in the broader financial system.

mortgage insurance premiums financial

Mortgage insurance premiums are regular payments a borrower makes to an insurance provider that protects the lender if the borrower stops paying the loan; think of it as a safety net or warranty the lender can claim against. They matter to investors because these premiums affect a borrower's total loan cost, the risk profile and pricing of loans and mortgage-backed securities, and the expected cash flows for holders of those assets.

basis points financial

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

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07/06/2026 - 06:30 PM

BETHESDA, Md.--(BUSINESS WIRE)-- Walker & Dunlop, Inc. announced today that Frank Cassidy has rejoined the firm as a senior managing director following his tenure as commissioner of the Federal Housing Administration (FHA) and assistant secretary for housing at the U.S. Department of Housing and Urban Development (HUD). Cassidy returns to Walker & Dunlop as the commercial real estate industry responds to evolving federal housing policies, persistent affordability challenges, and increasing demand for capital to expand the nation's housing supply.

Frank Cassidy

In his role, Cassidy will advise clients on FHA and Government-Sponsored Enterprise (GSE) financing strategies and work across the firm's platform to help owners, developers, lenders, and investors navigate a changing policy and capital markets environment.

"Frank returns to Walker & Dunlop at a defining moment in the housing industry," said Sheri Thompson, EVP, head of Affordable Housing at Walker & Dunlop. "Our country continues to face a significant housing shortage, and collaboration between the public and private sectors will be essential to delivering more affordable and workforce housing. Frank's leadership at HUD and deep understanding of FHA programs will be critical in helping clients navigate the evolving finance landscape.”

Cassidy joined HUD in April 2025. As FHA commissioner and assistant secretary for housing, he led HUD's housing policies, programs, and operations supporting homebuyers, renters, homeowners, and communities nationwide. He oversaw the FHA's approximately $2 trillion single-family, multifamily, and healthcare mortgage insurance portfolio, serving more than eight million homeowners, approximately 1.5 million renters, and nearly 4,000 healthcare facilities across the United States and its territories.

During his tenure, HUD reduced all FHA multifamily mortgage insurance premiums to the statutory minimum of 25 basis points, eliminated the Green Mortgage Insurance Premium category and related reporting requirements, simplified multifamily mortgage insurance programs, and launched the Section 232 Express Lane initiative, providing priority processing for eligible low-risk residential healthcare facility financing applications. Cassidy also oversaw HUD's Multifamily Assisted Housing Portfolio, serving more than 1.2 million low-income residents, along with the agency's housing counseling program and federal standards governing the design and construction of manufactured housing.

"Serving at HUD gave me the opportunity to help shape housing policy during an important period for our country’s history," Cassidy said. "I'm excited to return to Walker & Dunlop and work alongside our talented team to deliver the financing solutions our clients need to increase housing supply, improve affordability, and connect public policy with private capital."

Previously at Walker & Dunlop, Cassidy contributed to the growth of the firm's FHA lending platform, financing multifamily, affordable housing, seniors housing, and healthcare transactions across the country. His return further strengthens the firm's leadership in government-backed lending and reinforces its commitment to addressing one of the nation's most pressing economic challenges.

Walker & Dunlop is a leading HUD lender, ranked No. 5 based on MAP (Multifamily Accelerated Processing) and LEAN volume in 2025. Since its inception, the firm’s FHA/HUD platform has closed $45 billion across more than 2,000 transactions and continues to deliver consistent results, with a 99% approval rate since 2021. To learn more about our capabilities and financing solutions, visit our website.

About Walker & Dunlop

Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Our ideas and capital create communities where people live, work, shop, and play. Our innovative people, breadth of our brand, and our technological capabilities make us one of the most insightful and client-focused firms in the commercial real estate industry.