Banks have received two-year relief from the full impact of the new current expected credit losses accounting standard as they cope with broader impact of the coronavirus. Nonbanks are seeking similar relief.

Nonbank liquidity remained a contentious issue this week with the FHFA shutting the Fannie/Freddie assistance window as the coronavirus continued to hammer the U.S. economy. Solutions? Maybe the Fed.

In the coronavirus era, mortgage forbearance is the watchword. But just how many loans will go that route? Will Ginnie Mae get swamped?

Megaservicer Mr. Cooper anticipates a large MSR mark for the first quarter, thanks to lower rates and COVID-19. The big question: How bad will it be for the rest of the industry?

The support mortgage servicers receive during the coronavirus crisis may be used as a cudgel to enforce key changes.

Small independent mortgage firms may need to tap the small business loan program under the CARES Act to maintain operations.

Mr. Cooper and Ocwen disclosed relatively healthy financials for the first quarter. However, the overall outlook for nonbank servicers is uncertain

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.