Production of “agency jumbo” mortgages fell sharply in the first quarter of 2014 and is likely to drop even more as new FHA loan limits show up in endorsement data. According to a new Inside Mortgage Finance analysis, Fannie Mae, Freddie Mac and the FHA saw $10.5 billion in single-family business with loan amounts exceeding the traditional agency limit of $417,000 during the first quarter of 2014. That was down 30.6 percent from the fourth quarter. It was also the lowest three-month volume since the fourth quarter of 2008, not long after dramatically higher “emergency” loan limits were put in place by the agencies. In comparison, originations of non-agency jumbo loans fell...[Includes three data charts]

It was also the lowest three-month volume since the fourth quarter of 2008, not long after dramatically higher “emergency” loan limits were put in place by the agencies.

Correspondent sellers fret that some of the largest players might shut the door on them for a different reason: they can’t deliver enough volume in an origination-challenged market.

It’s far too early to draw definitive conclusions about the success of the QM rule and its overall effect upon the market.

The “legacy” bulk market for MSRs has been spooked, to some degree, by regulatory scrutiny, though offerings of newly originated product have been plentiful.

The mortgage industry has raised concerns about the HAWK initiative because it carries the specter of new fees.

“I’m tired of having the AMC acting as my pimp," said one appraiser. "The current situation is ruining the appraisal profession and turning appraisers into whores for the AMCs."

The amendment would prohibit the GSEs from channeling cash to the NHTF, which was established under the Housing and Economic Recovery Act of 2008.

But why so long? ABA's Rod Alba continued: “Well, not all the rules are done yet."

“This appears to be very good news and is a credit to our collective work with the Coalition for Sensible Housing Policy,” the National Association of Realtors told its members.