The FHFA IG audit estimates that some 9.5 percent of claims for pre-foreclosure property inspections in 2011 and 2012 resulted in $5 million of overpayments by Fannie Mae.

It may be time for the mortgage industry to take a chill-pill: applications are on the rise again, rates have stabilized and some firms are actually hiring loan officers.

Meanwhile, Ginnie Mae securities posted a pocket-sized increase within the Federal Home Loan Bank system during the period ending Sept. 30, 2013.

Waiting for a revival in jumbo MBS issuance is like waiting for Godot.

On a sequential basis, the origination results look slightly better: a 38 percent decline compared to the third quarter of 2013 for Wells and a 42 percent downdraft for JPM. Both have laid off thousands of mortgage workers over the few quarters.

The GSEs' largesse is gaining new attention in Washington with the news that the two helped the U.S. government post a budget surplus of $53 billion in December.

The MBA suggested the CFPB increase the "rebuttable presumption" threshold from 150 basis points above the average prime offer rate to 250 basis points so more borrowers with less-than-perfect credit can benefit.

As expected, the Mortgage Bankers Association this week lowered its 2014 origination forecast to $1.12 trillion, a $57 billion decrease from its previous estimate. Word of the reduction was making the rounds last week.

The megabanks no longer have a total "lock" on the MBS issuance market. But is this trend short-lived?

Will Congress eventually final a legislative solution to all the GSE shareholder lawsuits that have been filed?