As for the two banks working on jumbo securities, both have not issued any bonds in recent years but “are getting their securitization machines ready,” said one jumbo executive.

York Capital is backing Walter Capital Opportunity Corp., the buyer of the excess MSRs.

As of May, only three of the loans were 30-days delinquent, with the other once-delinquent mortgages having returned to current status or paid off.

Fannie Mae and Freddie Mac issued $141.83 billion of single-family MBS during the second quarter, an encouraging 9.4 percent increase from the dreary levels recorded in the first three months of 2014.

A tax "extender" for mortgage insurance would help an already-healthy MI industry.

One MI CEO, who we called, said this: “Thanks for reaching out. We, along with the other MIs are currently in confidential discussions with FHFA and the GSEs regarding the new standards. Unfortunately, we cannot comment until they are public.”

Oh, the irony: tough compliance regulations drive up the cost of renovating the HQ of the Consumer Financial Protection Bureau.

The sale of mortgages by banks took it on the chin in the first quarter. Lower originations is one explanation but are banks keeping more of their own production?

NAMB estimates that during the same year brokers nationwide rebated upwards of $2 billion to consumers at the closing table.

Nonbank capital rules from the FHFA will add certainty to the MSR market, but there will plenty of indigestion along the way.