Residential originations for the group fell 45.7 percent from 2013, indicating that profit margins shrank slightly more than production volume.

Mid-range credit scores – from 700 to 739 – accounted for 21.3 percent of Fannie and Freddie business last year.

Mortgage companies repurchased or provided indemnification to Fannie and Freddie on some $4.046 billion of mortgages during 2014.

Although HARP originations plunged by 76 percent last year, the FHFA may keep the program alive.

The headline might sound promising, but keep in mind that during the housing boom of 2003 to 2007, the industry averaged nearly $340 billion a year in home-equity originations.

Fannie Mae is still the most prolific author of single-family MBS, accounting for 46.6 percent of agency MBS outstanding at Dec. 31.

Eric Rosenzweig, principal at Stone Point Capital, sees many business plans from people who want to get into the non-qualified-mortgage space.

The mortgage servicing market grew for 226 consecutive quarters from March 1951 (when the Fed started quarterly calculations) to the first quarter of 2008, when it peaked at $11.321 trillion.

Although much of the discussion about nonbank servicing standards has focused on capital, the CSBS framework will cover considerably more ground than that.

And let the selling begin! 2015 could be a banner year for MSR sales.