The mortgage industry seems to be in a constant state of chaos, in the newest scientific sense - a turbulence from which a new orderliness and some new entities emerge.

That turbulence has been coming recently from volatility in interest rates that leads to alternating periods of strong business and overcapacity. During those intervals of overcapacity - present time included - the intense competition squeezes much of the profit and some of the players out of the game.

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