The most significant bill up for debate Wednesday is the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY, which would deem all loans held in portfolio to be qualified mortgages under the CFPB’s ability-to-repay rule.

“We’re well into this year’s home-buying season and too many potential buyers and sellers are sitting on the sidelines because they’re afraid they can’t qualify for a home loan before they’ve looked into it,” said loanDepot's Dave Norris.

Before joining the FHFA in late 2011, Hornsby spent 26 years at the Federal Reserve Bank of San Francisco, the last 10 under Janet Yellen, who is now the nation’s central banker.

CSP watchers say the GSE platform is starting to look like an orphan under director Mel Watt. But will Watt mention the project in his first public speech next week?

The transfer of mortgage servicing rights from one owner to another will continue to be a focus for state regulators.

Freddie CEO Don Layton warns that staffers “at all levels” would flee the secondary market giant amid the five-year transition period, citing several provisions of the bill that are detrimental to employees.

Beginning in December, the FHFA directly stepped into the MSR sales market, requiring its approval on all Fannie/Freddie transfers involving 5,000 loans or more. This additional level of approval initially caused concern in the market because it added another layer of oversight to sales.

Based on what Freddie's Layton said, one might think that going forward, the GSEs might barely break even. Maybe that’s why the GSEs – and not necessarily Mel Watt – want to hike their guaranty fees…

Additional industry layoffs are likely in the months ahead. In the first quarter, all lenders originated just $235 billion in mortgages. It was the weakest production quarter in 14 years.

There’s a growing concern among participants in the secondary market that legislation in the Senate to reform the government-sponsored enterprises won’t be able to allow the to-be-announced market to function. The latest anxieties were raised by officials at Fannie Mae and Freddie Mac, whose securities flourish in the TBA market. Legislation in the Senate from Sens. Tim Johnson, D-SD, and Mike Crapo, R-ID, calls for the preservation of the TBA market but doesn’t provide any roadmap for how the proposed Federal Mortgage Insurance Corp. should accomplish that feat. “Unless the FMIC sets...