Wells Fargo was the most active servicer in repurchasing delinquent loans in May, with $2.31 billion, 50.2% of the market total. A significant share of those loans were reportedly current, the MBS disclosures show, indicating that Wells repurchased loans in forbearance.

KBRA: New Rez has been subject to substantial economic stress during the COVID-19 pandemic...

Alterra Mortgage President Miguel Narvaez: “And what happens is that no one wants to take the risk of doing loans that FHA will not insure.”

Home-equity lending volume rose modestly in the first quarter to an estimated $49.0 billion...

Lone Star Funds is the first non-QM MBS issuer to have a second deal in the market since activity resumed in May.

On an unadjusted basis, new business increased 7.0% from the week before…

Loans in the $351.5 million MBS have seasoned for an average of five months and 24% are in forbearance.

The three agencies reported a total of 1.2 million single-family loans one payment past due, or 3.03% of their combined portfolio. Ginnie’s 4.78% 30-day delinquency rate was the highest, including a 5.68% rate for FHA loans.

“The problem,” said Dave Worrall, president of LoanCare, Virginia Beach, VA, “is that servicing buyers aren’t hitting the bid.” This, in turn, forces the actual originator of the loan to keep MSRs.

In a statement, JPM CEO Jamie Dimon – no big fan of the mortgage industry – said he is “pleased” his company was selected as Freddie’s underwriting advisor.