"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.

The decline in mortgage applications was driven by applications for refinances, as requests for purchase mortgages increased slightly.

Some 1,348 loans will be included in the issuance, divided nearly evenly between jumbo mortgages and loans eligible for sale to the government-sponsored enterprises.

“On previous occasions when the bureau has issued guidance, its value has been negated by disclaimers making the guidance non-binding on the bureau,” the Mortgage Bankers Association said.

GSE buyback volume fell 11.6 percent from the 2016 total, including an 11.4 percent drop from the third to the fourth quarter of last year.

The 4,710 small mortgage lenders wouldn’t have to report new data points sought by the Consumer Financial Protection Bureau for originations in 2018 and beyond, according to an analysis by Inside the CFPB.

The planned $327.16 million issuance is largely stocked with current mortgages that haven’t been modified.

“Borrowers continue to move away from applying for loans fully in-person, as they look for a process combining both high-tech and high-touch,” according to Ellie Mae.

An increasing number of areas moved from “sustainable” home price appreciation to “overheated” in 2017, according to Fitch.

The IRS recently formed a working group comprised of industry participants to address problems with the Income Verification Express Service, according to the Mortgage Bankers Association.