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

The federal government is marshaling all its resources to help nonbanks with MBS obligations stay liquid. For now, the effort appears to be working but new brush fires are popping up.

“Delinquencies are coming,” said one investment banker. “We just don’t know what the number is.”

Ditech Financial, the nation’s 10th largest subservicer last time around, disappeared from the ranking because a large chunk of the company’s business, including subservicing assignments, was sold to New Residential Investment Corp.

As New Jersey loan broker Brian Benjamin put it, “Most lenders I see now want a paystub within 30 days of closing and a verbal VOE [verification of employment] within five days of closing.”