The largest issue facing the mortgage industry this year is regulation. Nobody wants it but ost people view some regulation as inevitable. But how much is too much?

The Consumer Financial Protection Bureau is the current bad guy, replacing the Dodd-Frank Act that was last year's nightmare scenario (although you can't have CFPB without Dodd-Frank). It's uncommon that two opposing positions can claim to be right but in this case, the CFPB does appear to be bringing the guns to bear on the mortgage business, especially the servicing side.