Profit at Velocity Financial declined in the first quarter and half the staff was temporarily furloughed. Still, the firm plans to issue an MBS in the coming weeks and get back on track.

SLS settles foreclosure issue; KBRA places non-agency MBS on watch for downgrades; Provenance blockchain platform facilities loan sales.

Forbearance on non-agency mortgages is on the rise, presenting liquidity risk for servicers. Federal agencies have yet to offer a helping hand.

Delinquencies on non-agency mortgages are likely to increase due to the coronavirus, with the largest impact expected on non-QMs.

Non-agency loans account for about 30% of all residential mortgages outstanding and, unlike with servicing for the GSEs or government-insured mortgages, there’s no standardization in how servicers will respond to borrowers facing financial difficulties tied to the coronavirus.

Nearly all the firms in a group of 30 servicers increased their jumbo portfolio in 2019. Chase and Truist were the only ones to see a decrease. (Includes data chart.)

As has been the norm post-crisis, subprime servicing portfolios declined for most players in 2019. Ocwen remained the largest processor in the pack. (Includes data chart.)

SEC to meet MBS issuers; HPS acquires Citadel; Anworth plans non-QM MBS; Quontic streamlines non-QM refis; Ocwen takes a loss on servicing for New Residential.

There are no easy solutions as servicers work to move non-agency ARMs from LIBOR to a different reference rate.