If Flagstar changes hands, what might become of its loan broker business, the second largest in the nation?

Meanwhile, MountainView Servicing Group is also in the market with a new MSR offering: $224 million of receivables backed by Fannie Mae and Freddie Mac product.

Despite AEI’s findings, delinquencies on GSE loans continue to fall. In December, for example, Freddie’s single-family delinquency rate totaled 2.39 percent compared to 3.25 percent a year earlier.

The cost of mortgage compliance was a topic making the rounds at the recent ABS Vegas show in Nevada. Attendees, of course, wanted to know who might pay for all the new added costs.

“It’s nearly impossible to get the information to the right person to vote on it,” said Bill Moliski, a managing director at SG Capital and former managing director at Redwood Trust.

The market produced $4.94 billion of new non-agency MBS during the fourth quarter, according to a new Inside MBS & ABS analysis and ranking, the weakest output of the year.

Besides Freddie Mac and FHA, the three other main competitors for Fannie in the multifamily sector are life insurance companies, banks and conduit lending programs.

Most of what Fannie and Freddie earn in the fourth quarter will go directly into the coffers of the U.S. Treasury Department.

Non-agency MBS issuance declined by 30.6 percent from the third to the fourth quarter of 2013 as the plucky jumbo securitization sector ran out of gas. The market produced $4.94 billion of new non-agency MBS during the fourth quarter, according to a new Inside MBS & ABS analysis and ranking, the weakest output of the year. Although there were some gains in the scratch-and-dent and re-securitization sector – markets that are almost all private placements – production of jumbo MBS fell by 71.4 percent. Even with the late fizzle, 2013 produced...[Includes three data charts]

The number of distressed residential loans backing non-agency mortgage securities dropped by 5 percent in the third quarter of 2013 and by 20 percent from the prior year. This trend, however, could lose some steam in the months ahead. According to the latest report from Morningstar Credit Ratings, clearing the distressed inventory in the non-agency MBS market might take a little longer because the pace of decline has slowed significantly. The number of liquidations has dropped by 39 percent, with approximately 891,000 properties with distressed mortgages still in inventory, it added. In addition, total distressed liquidation as a percentage of total paid-off loans continues...