Some 1,348 loans will be included in the issuance, divided nearly evenly between jumbo mortgages and loans eligible for sale to the government-sponsored enterprises.

"If mortgage rates doubled overnight, our model indicates a decline of just 300,000 sales, a mere 5 percent decrease,” said Mark Fleming, chief economist at First American.

The decline in mortgage applications was driven by applications for refinances, as requests for purchase mortgages increased slightly.

The planned $327.16 million issuance is largely stocked with current mortgages that haven’t been modified.

“Borrowers continue to move away from applying for loans fully in-person, as they look for a process combining both high-tech and high-touch,” according to Ellie Mae.

An increasing number of areas moved from “sustainable” home price appreciation to “overheated” in 2017, according to Fitch.

The IRS recently formed a working group comprised of industry participants to address problems with the Income Verification Express Service, according to the Mortgage Bankers Association.

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