Despite growth in the non-agency jumbo market, primary market lenders remain focused on production that they can safely securitize through the GSEs and Ginnie Mae.

Mortgage buybacks can vary significantly among seller/servicers because it’s driven by business and legal processes rather than current market dynamics.

Certain provisions of the loan originator compensation rule – such as those having to do with record retention, anti-steering and compliance and procedures – kick in January of 2014.

Wall Street believes that housing/GSE reform legislation should provide for the creation of a single agency MBS.

There are signs that residential lenders are willing to accept slightly more credit risk, said one mortgage vendor.

Wells Fargo, JPMorgan Chase and Flagstar are all working on large servicing deals, but as sellers. Meanwhile, HUD is worried about lower GSE loan limits.

Lew Ranieri's company, Shellpoint, is coming to market with its second jumbo MBS deal of the year.

At $20.7 billion, non-agency pass-through MBS accounted for just 1.4 percent of total bank and thrift MBS investments.

Loan standards are not loosening on conventional mortgages, but in the jumbo space the story is entirely different.

Five Oaks Investment, a publicly traded REIT, plans to acquire mortgages from jumbo lenders on a flow and bulk basis.