With mere hours to go before major regulatory changes sweep the industry, servicers might be wise in taking one more look at how the new rules will affect them and what they can do to stay ahead.

In the years leading up to the economic downturn, lenders became more aggressive and eased requirements in order to increase volume and satisfy investor demand for securitized commercial real estate products. Loans originated in 2004 and 2005 generally had a lower loan-to-value (LTV) ratio than those originated in 2006 and 2007. Since the majority of these loans have ten year terms, the 2004 through 2007 loans will come due in the next three years.

The National Association of Realtors sent out a national survey in July, 2013 to buyers and sellers who made a transaction at some point in the last year. Among other findings, the survey showed increased use of online resources throughout the process. The first step in the process for 42 percent of buyers was searching online for properties. Use of the Internet to search for homes rose slightly to 92 percent. Eighty-eight percent of buyers purchased their home through an agent or broker--a share that has steadily increased from 69 percent in 2001.

A recent Zillow survey of market conditions around the country shows the healthiest markets can be found in the West, with San Jose, San Francisco, Los Angeles, San Diego, and Denver outclassing the rest of the country. Zillow chief economist Dr. Stan Humphries explained that rapid home value appreciation has improved local conditions in those markets, though the hit they'll take in terms of affordability may soon create unhealthy environments in what were once the healthiest markets.

HUD has issued a newly revised definition of a qualified mortgage (QM) that will affect all Federal Housing Administration (FHA)-insured loans moving forward. The new rules go into effect on January 10, 2014, and will apply to mortgages that are insured, guaranteed, or administered by HUD. The agency defined two categories of QM, with the main difference being the relation between a loan's annual percentage rate and its average prime offer rate.

An increasingly cautious outlook for the economy has put a crimp in the housing market's forward momentum, according to Fannie Mae's latest National Housing Survey. Doug Duncan, SVP and chief economist at Fannie Mae, said: "We continue to see caution as the defining feature of Americans' attitudes toward the economy and their personal financial situation. In this environment, the housing recovery is likely to improve, but only at a gradual pace."

In 1998, the top ten mortgage loan originators held around 40 percent of the market. By 2010, their share increased to nearly 80 percent; since then, it's dropped down to around 60 percent. Why the decrease? Because only five of the top 20 single-family mortgage originators in 2006 remain active today. So what's driving the big guys out--market cycles or market restructuring? And will the current trend of favoring smaller lenders last forever? Fannie Mae's Gerry Flood and Patrick Fischetti explored the topic in a recent commentary.