The Office of Risk Management and Regulatory Affairs comprises 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. These portfolios include programs for guaranteeing mortgage loans for single family residences, aging-in-place options for seniors (Home Equity Conversion Mortgages, also 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 loans for the purchase of manufactured housing. OE estimates loan-loss reserves for all of these portfolios for inclusion in the FHA Annual Management Report and provides budget-receipt estimates for the President's annual budget. OE also analyzes policy changes for financial impact and produces loan-performance forecasts, credit-risk analytics, and market-share estimates. OE recommends premium and underwriting adjustments to achieve target credit-subsidy rates and capital ratios. In addition, OE provides senior management with analyses of FHA's position in the broader housing market and housing-finance system.

OE is responsible for the preparation of the statutorily mandated annual report to Congress on the financial status of the FHA Mutual Mortgage Insurance Fund (MMIF) and statutorily mandated annual actuarial review of the MMIF, the preparation of other actuarial studies, and the preparation of annual credit subsidy estimates for single family, multifamily, and Title I programs for inclusion in the budget. OE is also responsible for the preparation of liability for loan guarantee and loan loss reserve estimates for inclusion in the financial statements, the issuance of periodic reports on FHA business activities, and the preparation of special studies focused on FHA single family and multifamily policy development and program monitoring.