The nonbank mortgage sector appeared to be whistling by the graveyard earlier this week because of liquidity concerns sparked by the pandemic. For now, crisis has been averted but the situation is fluid.

The FHFA director expects that close to one million GSE borrowers will inquire about forbearance during April, and two million by June.

The first quarter is over and financial blood is in the streets. Now comes the hard part: figuring out MSR values that have been slammed by lower rates and (coming) delinquencies. It won’t be pretty.

The bill asks servicers of agency loans to offer forbearance to borrowers experiencing “hardship” but doesn’t say how to assess the impact.

Amid the chaos in the financial market, originations of jumbo mortgages at big banks continue while non-QM lenders are laying off staff.

The CFPB is providing certain “flexibility” to mortgage firms, but that doesn’t mean it has slacked off on supervision activities.

As the economic crisis precipitated by the coronavirus heats up, residential lenders have tightened their underwriting guidelines.

Mortgage servicers’ phone lines over the past few days have been inundated with calls from borrowers requesting forbearance.

The mortgage market remained unsettled as the coronavirus damaged the U.S. economy and lenders weighed their options. The Fed came to the rescue with liquidity measures but fears regarding nonbanks persist.

The bulk of lenders operating in the non-QM market have suspended production due to a lack of demand in the secondary market. There are some signs that originations could resume within weeks.