Depositories are reviewing one set of proposed capital regulations and there are separate rules in development that will pertain to nonbanks. Should both sets of new standards for ensuring liquidity go into effect, the combined impact could radically reconfigure the composition of the mortgage industry.

Not only do the Basel III endgame bank rules have some implications for nondepositories in the business, but some institutions in both categories will be contending with the effects of new capital regulations at the government-sponsored enterprises and Ginnie Mae. The changes for those major players in the secondary market could have a domino effect.

While the depository regulations had yet to be finalized at the time of this writing, it seemed likely at deadline that the combined effect of all of these would lead to changes in what types of players take on different roles in home lending as some drop out and others step up.

"I think you're going to see a market reshifting or rebalancing in the next few years as certain players have to abide by these rules," said Andy Duane, attorney at mortgage law firm Polunsky Beitel Green.