The only spurt of growth in the MBS market was in the non-agency sector, where new issuance was up 36.5 percent from the fourth quarter.

Hisey, a former Fannie Mae executive, has been given the title of chief strategy and external affairs officer, a newly created position at the nonbank lender/servicer.

Bank of Hawaii is recruiting for a group executive to head its mortgage banking division. Korn Ferry has been hired to conduct the search.

Also, new single-family MBS production by Fannie Mae and Freddie Mac plummeted 15.6 percent from February to March as the GSEs posted their lowest quarterly production total in 14 years.

Wells Fargo and JPMorgan Chase both had huge drops exceeding 40 percent on mortgages sold to Fannie Mae and Freddie Mac.

The two have petitioned Treasury Secretary Jack Lew to designate Fannie and Freddie as SIFIs. Being an SIFI means the two would be subject to higher capital standards and greater scrutiny – as though the two aren’t under enough scrutiny as it is.

Borrow short and lend long? Is there a problem with that? Don't tell that to Jamie Dimon of JPM.

One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”

“Bank, nonbank – it doesn’t matter to us. We look at where the risk to the consumer is and we try to execute our program against that,” said Peggy Twohig, assistant director in the CFPB’s Office of Supervision Policy.

A group called The 60 Plus Association has released TV and radio ads in seven states targeting Senate Banking Committee Members who are sponsoring GSE reform legislation. The group claims the bills “allow the government to take over the mortgage industry in an action 'disturbingly similar' to Obamacare.”