The former FHA commissioner noted that: “We’ve seen that before – when enforcement does replace regulation..."

Meanwhile, the MBA chief – and his members – were caught off guard by Tozer’s comments about nonbanks and servicing transfers.

“It was a great channel for some time, but the competitive landscape is expanding rapidly,” said one executive at the company.

For many investors it has boiled down to this: They’ve had enough and they want out.

All of the servicing rights being auctioned off are currently being subserviced by Cenlar.

Lund’s vindication comes at a time when both GSEs are now earning several billion dollars per quarter.

Most of Ocwen’s back-office workers are overseas in India and the Philippines where call center workers make much less than their U.S. counterparts.

One frequent participant on the buy-side of MSR deals called the current price structure “fair” and below the “overheated” level that buyers witnessed a year ago.

Among the industry-supported provisions is expanded small-creditor definition.

“We are not looking for ‘gotchas’ here,” the CFPB official promised.