Some 35 percent of the U.S. population has a credit score below 650, said Matt Nichols, CEO of Deephaven Mortgage.

Agency multifamily MBS issuance dropped more steeply, by 19.7 percent, but that was from the record $30.91 billion issued during the second quarter of this year.

During the third quarter, the top 25 lenders accounted for 58.3 percent of total originations.

The privately held Quicken Loans was also the biggest originator of government-insured loans, accounting for 5.7 percent of the sector.

Meanwhile, the volume of securitized retail loans was down 3.6 percent from the second quarter.

Mike Fratantoni, chief economist at the MBA, said the purchase market could keep growing right off the end of the forecast table.

On a year-to-date basis, new ABS production was down 4.5 percent from the first nine months of 2014.

The CSP joint venture is staffed and “no longer living like poor cousins” at the GSEs themselves.

CFPB Director Richard Cordray had his turn next: “Prophets of doom have warned of delays in closings and the need for consumers to buy longer rate locks because of their failure, or perhaps refusal, tounderstand the requirements of the three-day waiting period,” he said.

The theme Cressey and other experts repeatedly drove home is that the industry can never get ahead of the threat.