The U.S. Supreme Court is set to hear cases in its coming term regarding guidance issued by the Department of Labor involving overtime pay for loan officers. Oral arguments are scheduled for Dec. 1, and a decision is expected by June. The cases are Perez v. Mortgage Bankers Association and Nickols v. Mortgage Bankers Association. The MBA has argued that the DOL didn’t follow rulemaking procedures in 2010 when the regulator withdrew guidance stating that loan officers could be exempt from overtime compensation requirements under the Fair Labor Standards Act. Lenders have received...

According to the final rule that HUD adopted in February 2013, a practice has a discriminatory effect on a protected class if HUD or a private plaintiff can establish liability under the statute, even if there is no intent to discriminate.

The 16, which include the Mortgage Bankers Association and American Bankers Association, want the CFPB to deepen its engagement using industry forums.

“Law enforcement has been on a bit of a run with settlements and enforcement," said Jim Parrott, a former Obama administration point man on housing.

The FHFA partially agreed with the IG's first recommendation and flatly rejected the second.

Although there appears to be strong interest these days in mortgage banking firms, the outlook isn’t particularly bright for commercial banks.

David Stevens, who led the FHA for part of the financial crisis, recalled difficult times dealing with policymakers and appropriators.

“The conservatorships are a huge barrier to entry for private capital,” said former FHFA Acting Director Edward DeMarco.

The Mortgage Bankers Association wants the FHFA to push Fannie and Freddie to go easy on mortgage buybacks.

The White House meeting is expected to touch on key lender issues, including credit overlays, government enforcement actions, regulatory burden and risk-based versus FHA pricing.