Two years ago, many people in the mortgage business were excited about the prospective benefits of a quick revision in a key accounting rule. At the time, the industry was coming off a record year and embarking on an even bigger boom that would carry mortgage originations above $1 trillion.

An assortment of side issues, however, delayed the revision of the accounting rule. And in the meantime, the boom turned into a slump as interest rates climbed and mortgage originations fell off a cliff.

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