You remember the HARP program, don't you? Originally, the idea was to refinance current but high LTV Fannie Mae/Freddie Mac borrowers into new, lower-rate loans-provided they were current. Home values (and lack of equity) reeked havoc on the concept so Uncle Sam took the LTV girdle off.

Loan officers and brokers are none too thrilled with the Consumer Financial Protection Bureau's 37-page proposal on altering the way loan officers, brokers, and lenders are compensated on all mortgage transactions.

Based on the comments appearing on our blogs and message boards, loan officers and mortgage brokers are overwhelmingly Republican. They don't like too much regulation and given what's transpired because of Dodd-Frank (regarding loan officer compensation) they're fighting an uphill battle concerning how much money they can earn.

Based on the comments appearing on our blogs and message boards, loan officers and mortgage brokers are overwhelmingly Republican. They don't like too much regulation and given what's transpired because of Dodd-Frank (regarding loan officer compensation) they're fighting an uphill battle concerning how much money they can earn.

The other day a mortgage recruiter made a blunt statement to us: "Wholesale lending is really hot right now." Of course, given what's happened to the mortgage business the past few years and all the blame being placed on brokers for crappy loan quality, such a statement might be taken with a grain of salt.

At some point the White House might finally understand that the regulatory pendulum has swung much too far in the other direction.

But what does the eventual resolution of ResCap really mean? Answer: A new, stronger competitor (Nationstar) could rise from the ashes. (If Dan Mudd was still at Fortress -- which owns a piece of Nationstar -- he might be considered the "Comeback Kid.")

Is the mortgage industry in the throes of what might turn out to be a lengthy and profitable recovery? Let's look at the signs: Fannie Mae just posted a hefty profit, Freddie Mac has earned money on an operating basis for at least two quarters in a row, many lenders are enjoying strong profit margins and the HARP program appears to be humming along. Optimists might have reason to pop some champagne.

When the CFPB's loan officer compensation proposal came out late Wednesday night nonbank mortgage lenders and loan brokers hit the roof. Some trade group officials thought the young agency actually understood the mortgage market, thinking it would do what is best for consumers - which brokers believe would benefit them.

Once again the government is taking out the mortgage crisis on nonbanks, their loan officers and mortgage brokers. On Monday National Mortgage News will publish a more detailed story about the mess, but suffice to say there are many things that rankle nonbanks concerning the Consumer Financial Protection Bureau's new mortgage compensation rule.

Some loan officers hate appraisal management companies (AMCs) and here's why: Several megabanks control AMCs through joint ventures and are making huge fee income while paying rank and file appraisers little.

What the heck ever happened to Uncle Sam's subprime (real estate) lender, Springleaf Financial? Good question.

HARP 2.0 is hot - or so we keep hearing. Late last year the Treasury Department finally found the keys to the HARP kingdom: take the loan-to-value ratio girdle totally off the patient and see what happens.

In February and January of this year mortgage firms hired 5,500 workers. That's good news for the industry and shows that residential finance is on the rise again after several rough years of dealing with record delinquencies, sagging home values, tougher regulations, and the general perception that "renting is good."

It's not easy being president. Just ask George W. Bush or Jimmy Carter. As for the current inhabitant of the White House, he was a bit late to the game when it came to tackling the housing and mortgage crisis. He wants to fix the housing/mortgage mess and he controls (sort of) three entities that can aid in that recovery: Fannie Mae, Freddie Mac and HUD/FHA

Stop me if you've heard this one: "We're running out of inventory." The inventory in question is housing and in selected real estate markets Realtors are complaining (here and there) about the lack of homes in "hot" neighborhoods.

It appears that a flip-flop of sorts is happening in regard to the FHA and VA programs.

For a year now the government owned Ally Financial has kept mum on the idea of throwing ResCap into bankruptcy protection but the self imposed gag order came off late Friday night.

eWarehouseOne's Tom Reynolds, Man of Mystery

It's no secret that the mortgage industry - after hearing from its customers - is clamoring for a HARP 3.0 refi solution for underwater loans that are not guaranteed by Fannie Mae and Freddie Mac. But how do we get there?