“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…

At March 31, Mr. Cooper serviced $629 billion worth of home mortgages, including $129 billion of Fannie Mae/Freddie Mac product and $108 billion of Ginnie Mae loans. However, roughly half its portfolio, $317 billion, is represented by subservicing contracts.

Sources contend that other banks might follow Wells' lead but as the weekend approached, the situation was fluid, to say the least.

Redwood has been able to meet margin calls but is selling mortgage securities at a loss.