The conforming-jumbo business might be an attractive target for shrinking the GSE footprint as the loan limit is poised to top $500,000. But it's not clear it would de-risk Fannie/Freddie business.

Growth in subservicing contracts slowed a bit in the second quarter as con-tinued low interest rates took their toll. It’s anticipated that once rates in-crease, more vendors could disappear through M&A.

When originations boom, warehouse banks clean up. In the second quarter commitment authority to nonbanks increased by 13.5% overall but usage rates are nearing 70%.