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.

Company CEO Brian Hale downplayed the news of an offering book, noting that it hired an investment banker because over the past 12 months Stearns has been approached by “a number of interested investors.”

The loan is available in California, Florida, Hawaii and New Jersey, and is slated to be expanded to other states.

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

Two other major contributors to the deal, George Mason Mortgage and American Pacific Mortgage, are retail-only shops.

AmeriSave, a nonbank, has not been without controversy itself.

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