“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.

“The QM rule needs to stand on its own two feet … The FHFA should not be in charge of setting national mortgage underwriting,” said MBA chief Dave Stevens.