Uncertainty regarding the performance of mortgages underlying its CRT in-vestments prompted PMT to boost the discount rate on its loans from just 5% at the end of the fourth quarter to about 11% as of March 31.

Agency MBS issuance declined modestly from the fourth quarter of 2019 to first quarter of this year. But volume soared abruptly in April, along with signs of COVID-19 stress. (Includes two data charts.)

Fannie and Freddie saw huge gains last month as total agency MBS issuance soared to an all-time record. Heavy refinance activity was the biggest factor. (Includes two data charts.)

Will the FHA hike premiums as a way to allay forbearance risk on Ginnie Mae-backed loans? Probably not, but it’s an option.

As the COVID-19 economic picture worsens, the GSEs are getting more discerning about what type of loans they will purchase.

It’s not final yet, but servicers stand to make at least $500 per unit to handle GSE loans that need to be deferred because of COVID-19-related hardships.

Designed to aid MBS issuers hurt by the pandemic, the Ginnie Mae PTAP has received high marks thus far. Details about usage could be released before the weekend starts.

A loan-level pricing adjustment payment grid is expected shortly from FHA. The charges could have a profound impact on the Ginnie Mae market.

Ginnie Mae came to the rescue of a handful of MBS issuers with its PTAP program. Meanwhile, Fannie/Freddie issuers needing cash because of the pandemic have some new options, but will they be used?

Some credit-risk transfer deals explicitly exempt forbearance losses due to natural disasters. Freddie Mac clarified that it considers the coronavirus a natural disaster. Fannie Mae has yet to provide guidance.