One California-based mortgage broker had this to say: “All the CFPBs is doing is driving up costs, further confusing the consumer, and wasting even more tax payer dollars.”

Citigroup also marked down the asset value of its residential mortgage servicing portfolio to $2.282 billion, a 12 percent decline on a sequential basis.

Under the terms of the settlement, Citigroup will pay $4.5 billion in cash and provide $2.5 billion in consumer relief.

The moves are part of a comprehensive plan presented by Thomas O’Brien, Sun Bancorp’s new president and CEO who was brought on board as a consultant in April to restructure the company.

Mortgage brokers who read the guidance said it reveals how little the young regulatory agency understands about the industry. If a broker has the financial ability to obtain a warehouse line of credit...

However, compared to the same quarter a year ago, loan production at Wells took it on the chin, falling a bloodcurdling 59 percent.

The agencies securitized $122 billion of purchase mortgages during the second quarter of this year, a 16.6 percent sequential increase.

New GSE repurchase requirements are now in effect, including the “MI stand-in” option, which Fannie defines as “the full mortgage insurance benefit that would have been payable under the original mortgage insurance policy if the mortgage loan liquidates.”

“We’ve got approximately $72 million [of HARP refinance business that can be done] in this metropolitan area," said FHFA director Mel Watt about Chicago. "People won’t come in and say I want that money.”

So, you doubt our 2Q origination estimate? Here’s what an executive from a top-five warehouse bank told us: “We’re experiencing a significant pick up in outstandings."