But I am a little puzzled by the recent share price upswing
I’m terrible at predicting how the market will react to earnings or some piece of company news: things I think are clearly obvious cause wild swings, while the market often yawns at things I think are big or important news.
But having said that, the stock has basically gone nowhere for the past couple of years – just bounced around (with a few scattered periods of intense speculation thrown in when the buyout rumors were circulating) – and my guess is that the market has been taking a “wait-and-see” approach to how changes in the mortgage industry would impact the company. So it could be that a big part of this latest upswing is simply due to investors realizing that the company is going to continue to grow, consolidate, and be successful despite fewer mortgage originations. I thought that was pretty obvious after last quarter’s results, but who knows. 
Neil
Long ELLI