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.

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 servicing acquisition market often gets whipsawed by falling interest rates. But it now has a bigger enemy: financial uncertainty.

Proposed legislation in New York could reduce legal uncertainties and economic difficulties associated with moving legacy adjustable-rate mortgages away from the London Inter-Bank Offered Rate.

It was mortgage market Armageddon this week, courtesy of the corona-virus. Lenders were knee-deep in refis but fears mounted regarding an expected spike in delinquencies and about nonbank liquidity. The feds issued a foreclosure moratorium on government and GSE loans.

Single-family mortgage servicing was a healthy, growing market with a variety of business strategies in 4Q19. It may be morphing into something much different during the coronavirus crisis.(Includes two data charts.)

Several nonbanks claim to have plenty of liquidity amid the current market turmoil. Servicing will incur losses while originations generate income.