So there's plenty of good news on the servicing front, as Nationstar continues to ride the industry trend and gobble up servicing rights. On the other hand, the company's loan origination business can't escape the negative industry trend, as the wave of mortgage loan refinancing activity in the United States subsides. Refinancing volume had spiked as a result of prolonged low-rate environment promulgated by Federal Reserve policy and because the government's Home Affordable Refinance Program. The program, known as HARP, helped qualified borrowers with loans held by Fannie and Freddie fully refinance their mortgage loans, even if the value of their homes had dropped significantly lower than the loan balances. The Mortgage Bankers Association estimates U.S. refinance volume will decline from $1.456 trillion in 2012 to $1.083 trillion in 2013, with an even sharper decline to $463 billion in 2015. The MBA expects total one-to-four family mortgage volume to decline from $2.044 trillion in 2012 to $1.745 trillion in 2013 and $1.186 trillion in 2014.