Within two weeks, the government guarantor will roll out a Pass-Through Assistance Program (PTAP) whereby issuers with a principal and interest shortfall may request that Ginnie advance the difference between available funds and the scheduled payment to investors.

Angel Oak Mortgage Solutions laid off roughly 70% of its 275 employees as non-QM originations have stalled due to economic fallout caused by the coronavirus.

One industry representative noted: “While it is still an outdated fax-based system, it is the most trustworthy in terms of verifying a mortgage applicant’s income information and prevents fraud.”

While top nonbanks increased their production by 9.5% from the third quarter, depository institutions grew their volume by just 1.8%.

“I haven’t been doing any deals, but I’ve been on the phone with clients a lot,” said one veteran servicing broker. “You might say they’ve been hyperventilating.”

Calabria’s remarks were part of a broader outline summarizing the impact the crisis has had on mortgage markets and the actions the FHFA has taken in response.

In the stock market, we trust. Right? Meanwhile: Ocwen to the rescue? (Too bad Ditech didn't survive.)

“That’s going to grow as we see more and more states that enter into a shelter-in-place status,” said Steve Gottheim, senior counsel at ALTA.

Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.