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

Milbank has received a one-year, $3 million contract to provide legal services related to ending the conservatorships of the GSEs.

The Internal Revenue Service has temporarily closed its Income Verification Express Service used by lenders to verify borrowers’ tax returns.

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 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.

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

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.

Some 60% of last year's agency single-family business came from markets that are now under shelter-in-places mandated by state governors. (Includes data chart.)