In the pre-crash days, newly created MSRs were selling at 6 and even 7 times the servicing fee. “I even saw prices of eight,” said Chuck Klein, managing partner for Mortgage Banking Solution.

The tranche set to receive an 'A' rating on STACR 2014-DN2 has a lifetime expected default rate of 9.43 percent, according to KBRA.

“Bank, nonbank – it doesn’t matter to us. We look at where the risk to the consumer is and we try to execute our program against that,” said Peggy Twohig, assistant director in the CFPB’s Office of Supervision Policy.

Borrow short and lend long? Is there a problem with that? Don't tell that to Jamie Dimon of JPM.

One mortgage technology expert had this to say on the Ellie Mae shutdown: “This is going to get ugly. Real money is lost when you can’t close loans on time.”

The two have petitioned Treasury Secretary Jack Lew to designate Fannie and Freddie as SIFIs. Being an SIFI means the two would be subject to higher capital standards and greater scrutiny – as though the two aren’t under enough scrutiny as it is.

Most industry fortune tellers expect the mortgage market to rebound somewhat as home-buying season warms up. (There are daffodils in Washington.)

One source familiar with Ellie Mae told IMFnews that the technology provider has a long list of potential acquisitions.

In its heyday, S&P used to rate more than 90 percent of new issuance of non-agency MBS, but in 2013 it accounted for just 40.0 percent of the market by dollar volume.

One executive, requesting his name not be used, said, “It completely wrecked our last day of the month. We were unable to sending closing packages, send disclosures, export files and such.”