Mortgage refinancing activity may be on the decline, but one analyst says there's still room for mortgage companies to grow. Per The Wall Street Journal:

Paul Miller of FBR notes that the pullback by large players like Wells Fargo in mortgage backed securities leaves room for smaller originators like Nationstar Mortgage Holdings Inc., Walter Investment Management Corp., HomeStreet Inc., PennyMac Financial Services Inc. andSunTrust Banks Inc. to maintain volumes through market share gains in what is an otherwise declining market.

Nationstar and Walter are set apart from other mortgage originators, notes Mr. Miller, in that they mainly service riskier loans to borrowers who have higher mortgage rates, and hence could be targets for refinancing under the Home Affordable Refinance Program.