On a sequential basis, the origination results look slightly better: a 38 percent decline compared to the third quarter of 2013 for Wells and a 42 percent downdraft for JPM. Both have laid off thousands of mortgage workers over the few quarters.

The GSEs' largesse is gaining new attention in Washington with the news that the two helped the U.S. government post a budget surplus of $53 billion in December.

The MBA suggested the CFPB increase the "rebuttable presumption" threshold from 150 basis points above the average prime offer rate to 250 basis points so more borrowers with less-than-perfect credit can benefit.

As expected, the Mortgage Bankers Association this week lowered its 2014 origination forecast to $1.12 trillion, a $57 billion decrease from its previous estimate. Word of the reduction was making the rounds last week.

The megabanks no longer have a total "lock" on the MBS issuance market. But is this trend short-lived?

Will Congress eventually final a legislative solution to all the GSE shareholder lawsuits that have been filed?

MSR sales, in general, are expected to be brisk in the first quarter as lenders sell receivables to make up for declining originations.

Paul Hindman, a mortgage recruiter, told IMFnews that he believes when it comes to hiring, “I believe we’re headed into a relatively flat period,” unless rates swing one way or another.

However, the greatest earnings impact could fall on such mid-sized mortgage firms as PHH Corp., Redwood Trust, and PennyMac Financial Services.

We continue to hear reports that Walter Investment Management is talking to a fairly large nonbank about a possible acquisition.