Non-QM mortgages will exist throughout the credit spectrum, according to Mitch Hochberg, a partner at Fenway Summer and general counsel at Ethos Lending, a start-up wholesale mortgage originator.

Fannie Mae reported nice guaranty fee income in first quarter, but as one former GSE executive told us: “Their expenses are out of control.”

The most significant bill up for debate Wednesday is the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr, R-KY, which would deem all loans held in portfolio to be qualified mortgages under the CFPB’s ability-to-repay rule.

“We’re well into this year’s home-buying season and too many potential buyers and sellers are sitting on the sidelines because they’re afraid they can’t qualify for a home loan before they’ve looked into it,” said loanDepot's Dave Norris.

Although Garrett declined to comment further on the matter, attorneys that represent lenders before the CFPB were happy to share their opinions on the "under oath" issue.

Sen. Heidi Heitkamp, D-ND, a co-sponsor of the Johnson-Crapo bill, also said the measure is moving forward. “This train is leaving the station,” she said. But whether it makes it to the floor of the Senate is another matter.

A new trade group is showing true love for Fannie Mae and Freddie Mac. Also, the Consumer Financial Protection Bureau is giving lenders some breathing room on the Qualified Mortgage/Ability-to-Repay rule.

Meanwhile, rumors abound that Fannie and Freddie may once again be looking at the possibility of selling some of its nonperforming mortgages…

“The examiner-in-charge apparently thought that the owner was lying, and the CFPB now wants to question him under oath,” principal Joe Garrett writes in a note to his clients.

Officials at FHA and Ginnie Mae are eager to jump on board and reinvigorate their efforts concerning e-mortgages.