Excellent article by  Alston and Bird (AlstonFinance.com)

Non-Agency Residential Mortgage Loans in 2014:   A Survey of Legal Issues Affecting the Market. (Read entire article)

It covers in a solid overview of :

• Qualified Mortgages
• QRM and Risk Retention
• Due Diligence Rule
• Developments in Mortgage Servicing and ECOA
• Mortgage Servicing Transfers
• Proposed Changes in Mortgage Servicing and Safe Harbor Protection

“Conclusion

As can be seen, 2014 was a watershed year in the history of residential mortgage finance. More regulations were passed than would be ordinarily expected in a full decade.  A lot remains to be digested, and some areas of regulation are still unresolved, but overall the biggest surprise was that all of these regulations had a surprisingly small impact on the RMBS market. Origination standards had tightenedso much after the financial crisis that the changes from QMs had very little impact. QRMs did not have a loan-to-valueratio requirement and was virtually the same as QMs, so the impact on the market was negligible. Regulation AB IIhas resulted in no real change in the RMBS market, which was completely private anyway. There were a number ofchanges in mortgage servicing, and the mergers and acquisitions market was surprisingly active.”