The preliminary findings are not pretty: 55 percent of lender/servicers lost money in 4Q compared to just 4 percent for the first nine months of 2013.

The Federal Housing Finance Agency ordered the two GSEs to sell at least 5 percent of their “less-liquid” mortgage assets, meaning whole loans and non-agency securities. CMBS are arguably the most liquid of these.

Some mortgage brokers see the switch to a mini-correspondent as their only way to stay in business due to provisions in rules from the Consumer Financial Protection Bureau.

The ATR survey was sent to 53 mortgage-originating entities, mostly mortgage bankers with some independent mortgage brokers and other originators. No credit unions or savings and loans responded.

In an earnings call this week, company founder and Executive Chairman Bill Erbey offered no further insight as to when the sale will be approved.

What does the seller of the MSRs think about what's going on with the DFS? A spokesman for the nation's largest lender and servicer told IMFnews: "Wells Fargo has not been a party to any discussions with the New York Department of Financial Services regarding Ocwen."

Commenting on Fairholme's court victory, one GSE observer quipped: “Game on.”

For the full year, Freddie posted net earnings of $48.7 billion, but executives at the GSE promised those profits will never, ever be achieved again.

Walter Investment, the parent of Green Tree, said it anticipates meeting with the regulator in the near future to get a better understanding of its concerns and to see if the matter can be resolved.

The retail share of new residential originations declined slightly, to 60 percent, in the fourth quarter after climbing steadily during the first nine months of the year.