Career moves

Key Community Bank's E.J. Burke reflects on the highs and lows of his term as chairman of the Mortgage Bankers Association.

WASHINGTON — Dean Schultz, the long-time head of the Federal Home Loan Bank of San Francisco, is planning to retire next spring once his successor has been appointed, the bank said Friday.

Altisource Asset Management and Altisource Residential LP executive vice president Salah Saabneh has resigned, according to two Securities and Exchange Commission filings.

Stonegate Mortgage Corp. announced last week that it has formed a new direct-to-consumer mortgage origination business called Stonegate Direct.

BBVA Compass has hired a veteran banker to make sure that the company achieves its Community Reinvestment Act goals.

Peter Accolla set goals for transactions, dollar volume and how much money he wanted to make.

Commercial real estate lender Walker & Dunlop has added three originators to a conduit and high-yield lending joint venture with Fortress Investment Group.

Bill Gross, co-founder and chief investment officer of Pacific Investment Management Co., will join Janus Capital Group Inc.

Citizens Financial Group, which held an initial public offering Wednesday, will hire 350 mortgage officers and soon announce a new treasury services head, the bank's chief executive told American Banker.

Fannie Mae, the largest source of funding for U.S. mortgages, said Chief Operating Officer Terence Edwards plans to leave the government-backed company in the first half of next year.

Garry Cipponeri, the head of capital markets for JPMorgan Chase & Co.'s U.S. mortgage unit, is leaving the bank to start a new company, according to two people with knowledge of the move.

Two California mortgage companies are joining forces starting next month.

Stearns Lending, a nonbank mortgage lender in Santa Ana, Calif., has hired a former Bank of America executive and banking veteran to lead its retail lending growth efforts.

Caliber Home Loans in Irving, Texas, has agreed to buy Cobalt Mortgage in Kirkland, Wash.

In his first major policy speech as the new housing secretary, Julian Castro voiced support for a Senate bill to reform housing finance and said policymakers should "remove the stigma associated with promoting homeownership."

Ron Hermance, chairman and chief executive of Hudson City Bancorp in Paramus, N.J., has died.

Fifth Third Bancorp in Cincinnati, Ohio, has named Michelle Van Dyke as president of its mortgage division.

Birchwood Credit Services said that John Shea has joined the company as senior vice president of sales and marketing.

The Mortgage Bankers Association announced two promotions Monday as part of an organizational realignment plan.

Mortgage industry veteran to be trade group's spokesman and representative at hearings.