In terms of market effect, a DocuTech executive said that because of the new CFPB rules, "credit is going to slow down for a little while, maybe a month or so."

The lender also recently formed a real estate investment trust, Parkside Mortgage Trust. Matt Ostrander, Parkside’s CEO, said the REIT plans to issue a non-agency MBS later this year or in 2015.

One servicing advisor told IMFnews that the regulator “now has the last word on all MSR transfer approvals. It began in December and has slowed the process a bit.”

The hunger for GSE speculation is also causing some investors to buy Fannie/Freddie common which has been rising of late, but not by much. However, one GSE watcher believes that buying the common, "is a fool’s game."

In other words, the White House still wants to dismantle Fannie Mae and Freddie Mac and doesn't seem to care about all the money the two are returning to the government.

It's no secret that banks like to hold jumbo mortgages in portfolio, but depositories are also major contributors to non-agency securities.

The HUD pools had an estimated unpaid principal balance of $10.7 billion and a broker price opinion of $8.2 billion.

The change resulted in the cessation of dividend payments by the GSEs to Treasury, replacing it with a “sweep” of all almost net profits earned by Fannie and Freddie.

Casey is responsible for all origination and operations functions at the top 10 ranked lender

Moody’s notes that all three have grown their production operations – a positive – but question whether over the long term whether they can compete with banks in the “prime” market.