A warehouse executive, whose bank is based on the East Coast, noted that when a nonbank client loses money two quarters in a row, “it triggers certain [warehouse] covenants.”

“It’s clear from this survey and our discussions with bankers that TRID compliance remains a significant concern,” said ABA's Bob Davis.

The inability of Fannie and Freddie to build capital is a huge issue, Stevens said.

One analyst told IMFnews: “I don’t stay up until four a.m., trying to figure out Ocwen anymore.”

In the new “Mortgage Professional’s Handbook,” residential finance technology expert Jeff Lebowitz predicts the industry “is about to exit its Victorian era of technology use."

In some purchase transactions, lenders require special certifications and inspections stemming from VA policy guidance.

Freddie and Fannie both posted earnings north of $2 billion for the fourth quarter. But Freddie posted a net loss of $475 million in the third quarter of last year after booking a stunning $4.17 billion charge on its derivatives.

At the ABS Vegas conference the deal agent concept was touted by Monique Rollins, deputy assistant secretary at the Treasury Department, as a significant structural reform for the non-agency MBS market.

Ocwen's goal: to be a “world-class” company. But investors need convincing. Its stock is down 92 percent from its all-time high.

Eric Kaplan of Ranieri Strategies noted that many investors in non-agency MBS wish to remain anonymous.