Non-QM origination volume could rise above $400 billion a year if the GSEs are no longer in conservatorship. Of course, Fannie and Freddie are nowhere close to doing that...

All of the loans that were not reviewed were originated by First Republic Bank. The rating agencies indicated they are comfortable with the lender’s underwriting process.

Will loan production in the second half surprise the naysayers? Will non-QM lending take off? Stay tuned...

As of May, only three of the loans were 30-days delinquent, with the other once-delinquent mortgages having returned to current status or paid off.

One MI CEO, who we called, said this: “Thanks for reaching out. We, along with the other MIs are currently in confidential discussions with FHFA and the GSEs regarding the new standards. Unfortunately, we cannot comment until they are public.”

Treasury Secretary Jacob Lew acknowledged that HAMP hasn’t been as successful as the Obama administration would have liked.

The Treasury Department will hold meetings with issuers of non-agency MBS in the coming months to pick their brains on how the government can assist in uncovering "new paths" to increase private investment.

While jumbo mortgage securitization is currently attractive to issuers, industry analysts suggest that volume will remain limited this year due to a number of factors.

The OCC believes that HAMP loans perform better than proprietary mods because the program places an emphasis on reduced monthly payments, debt-to-income ratios and income verification. Servicers also receive incentive payments.

How much capital should nonbank mortgage servicers be required to have? The question is getting louder and louder.