The IVES system, which many criticize as being antiquated, functions by way of a fax machine...

One of the goals: to assist nonbanks so they are not declared in technical default, an event that would trigger financing covenants they have with their warehouse lenders.

Scott Olson, executive director of the Community Home Lenders Association: "This is a period of deep uncertainty for IMBs. Those that service [loans] are getting hit with huge unexpected liquidity demands regarding advances."

“This is a sea change,” said Steve Harris, president of MIAC Analytics, New York. “It’s going to get really ugly from here – and I know ugly.”

But will the central bank act decisively? “Powell’s remarks were encouraging,” one veteran industry lobbyist noted.

However, dark clouds are on the horizon for rate-and-term deals: Refinance applications dropped 19%, reversing a 25% increase the week before.

Among the two largest firms that originate jumbo mortgages through correspondents, Chase is still active while Wells Fargo is on hiatus...

FHFA's stance has mortgage bankers perplexed, to say the least...

Since going public earlier in the year, Velocity Financial's share price has cratered...

Refi volume was clearly gaining speed in March. On a combined basis, deliveries of FHA and VA refi loans grew 8.4% from February…