Law and regulation

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.

Although the case ostensibly turns on whether loan officers should be paid for overtime, the high court is focused on whether government agencies have the right to substantially change regulations without seeking public comment.

Officials want to remove the risk that questions about a dealer’s liquidity could lead to wholesale dumping of assets. Treasuries and mortgage securities represent about 85% of daily repo transactions

It's not been a stellar year for mortgage lending, with national origination volumes expected to end 2014 down by one-third or more.

Wells Fargo will pay up to $5 million to resolve allegations it discriminated against mothers on maternity leave, the largest settlement of such claims ever reached by the Department of Housing and Urban Development.

Lenders increased their origination of home equity lines of credit, or HELOCs, by 21% in the 12 months ending in June.

Real Estate Settlement Procedures Act-Truth in Lending Act reform effective next summer requires significant operational changes, but if lenders prepare now, it shouldn’t be as scary as a zombie apocalypse.

The Mortgage Bankers Association continues to push back against regulations stemming from the financial crisis, as the industry's biggest lobbying group continues pushing for regulatory relief to bolster the housing market — and boost profits for its members.

DocMagic, a document provider for the mortgage industry, said that it has launched a version of its service through Liquid Logics' cloud-based loan origination system.

Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations like redlining and how mortgages are priced and serviced remain top priorities for the future.

Hometown Lenders in Huntsville, Ala., and Sun West Mortgage Co. in Cerritos, Calif., are paying a hefty price for hiring and allowing convicted felons to do business in Georgia.

The lesson in a recent consent order is clear — an MSA cannot shield or rehabilitate an otherwise impermissible arrangement.

Federal Home Loans Banks officials and others want more time to evaluate and comment on a Federal Housing Finance Agency proposal to restrict FHLB membership.

Recent regulatory settlements have made it abundantly clear that medical records are off-limits to lenders trying to verify the incomes of mortgage applicants on long-term disability.

Careful underwriting can take away much of the risk of this supposedly risky type of mortgage lending and contribute to profitable new business.

Deutsche Bank officials have received the go-ahead to finance U.S. home lenders, something it has not done since the financial crisis. The bank's plan is to finance a small, but potentially much larger, mortgage segment that falls outside government standards.

Fannie Mae and Freddie Mac investors are turning their focus to an appeal and multiple pending lawsuits after a federal judge rejected their bid for a share of the companies' profits.

FHA commissioner Galante initiated the handbook rewrite to provide more detail and certainty for lenders.

The Supreme Court said Thursday it would hear a case related to the use of "disparate impact" theory to pursue entities for unintentional discrimination, a move that could have significant ramifications for banks.

The Federal Reserve must take steps to improve handling of complex settlements like the one reached with mortgage servicers over improper foreclosures, an internal watchdog said in a report.