Sales of Fannie/Freddie servicing rights are down as well.

With the Trump administration pulling back on regulation, state regulators are looking to fill the void.

The disclosure comes as Bayview has amassed a 7.3% ownership stake in Guild’s Class A common stock.

Although six companies recorded quarterly increases in mortgage-banking earnings, three industry leaders posted huge declines and another nonbank posted a net loss.

Leaders at Fannie Mae and Freddie Mac detailed how Bill Pulte, director of the Federal Housing Finance Agency and new chairman at the GSEs, is influencing activity at the companies.

"It's difficult for the market to know what to do with this news," said Michael Bright, CEO of the Structured Finance Association.

Trump noted that Fannie and Freddie are “doing very well and throwing off a lot of CASH.”

Among many other provisions, the tax reforms included in the bill passed by the House would make the mortgage interest deduction permanent.

There are concerns about high debt-to-income ratios, high loan-to-value ratios and “iffy” appraised values.

Rumors that Incenter might be in play surfaced two weeks ago.