When Freddie recently unveiled a first-quarter loss due to hedges affected by falling interest rates, MBA chief Dave Stevens issued a statement once again calling for Congress to enact housing-finance reform, but said nothing about the issue of zero capital.

“If nothing is done in the near term, the natural progression could be a spillover of mortgage originations that favor the private-label market,” S&P said.

DFA also created the Consumer Financial Protection Bureau, an agency that seems almost universally loathed by the mortgage industry.

But Moody’s acknowledged that mortgage warehouse securitizations can be operationally complex.

UWM is offering “rate incentives” for jumbo borrowers with FICO scores north of 740, and a promise to close the loan in 25 days or less…

KBRA noted that most nonbanks with large holdings of MSRs don’t hedge large swaths of their portfolios…

The attorneys noted: “The CFPB declined to state what the forms do represent, if anything.”

At March 31, the Anaheim, CA-based FCI had $4.2 billion of servicing contracts on its books.

The average credit score for purchase loans securitized last month was 749.7, the first time that measure has been below 750 in over two years.

“This is a seminal change,” one GSE observer told us.