The GSEs' largesse is gaining new attention in Washington with the news that the two helped the U.S. government post a budget surplus of $53 billion in December.

The MBA suggested the CFPB increase the "rebuttable presumption" threshold from 150 basis points above the average prime offer rate to 250 basis points so more borrowers with less-than-perfect credit can benefit.

Waiting for a revival in jumbo MBS issuance is like waiting for Godot.

On a sequential basis, the origination results look slightly better: a 38 percent decline compared to the third quarter of 2013 for Wells and a 42 percent downdraft for JPM. Both have laid off thousands of mortgage workers over the few quarters.

Meanwhile, Ginnie Mae securities posted a pocket-sized increase within the Federal Home Loan Bank system during the period ending Sept. 30, 2013.

We continue to hear reports that Walter Investment Management is talking to a fairly large nonbank about a possible acquisition.

However, the greatest earnings impact could fall on such mid-sized mortgage firms as PHH Corp., Redwood Trust, and PennyMac Financial Services.

Will Congress eventually final a legislative solution to all the GSE shareholder lawsuits that have been filed?

MSR sales, in general, are expected to be brisk in the first quarter as lenders sell receivables to make up for declining originations.

The megabanks no longer have a total "lock" on the MBS issuance market. But is this trend short-lived?