Some 147 institutions will benefit from the proposal, according to estimates by the CFPB.

This official speculated that perhaps Calabria was referring to the companies’ corporate culture before the financial crisis, when the politically connected secondary market giants were widely feared on Capitol Hill.

As mortgage banking veteran Bill Dallas of Finance of America put it: “This is clearly a unicorn year for the industry — I’ve never seen anything like it.”

Tom Piercy of IMA: “Any type of additional regulatory discussion is problematic as it typically starts with the best of intentions and ends up with the worst of consequences.”

Another mortgage employment area badly in need of bodies is operations staff...

In other words, unless forced to, originators don’t need to cut rates to gain customers because they’re swamped...

The April-June cycle marked the first time since the end of 2016 that bank retail lending exceeded wholesale production. Then again, in the call-report world, wholesale includes both loan purchases through correspondent operations and originations involving mortgage brokers.

The rigid confines of the CFPB's LO comp rule continues to draw complaints from lending shops and their representatives in Washington...

The impairment rate on non-QM MBS declined by 70 basis points in August even as enhanced unemployment benefits ended in late July.

Fun fact: With correspondent losing share, many small and mid-sized firms began selling directly to the GSEs...