The $13 million Milbank contract, which follows the agency’s February selection of Houlihan Lokey as its capital markets advisor, suggests the FHFA remains committed to recap-and-release.

At March 31, Mr. Cooper serviced $629 billion worth of home mortgages, including $129 billion of Fannie Mae/Freddie Mac product and $108 billion of Ginnie Mae loans. However, roughly half its portfolio, $317 billion, is represented by subservicing contracts.

Fannie Mae, Freddie Mac and Ginnie Mae produced $478.64 billion of new single-family MBS in the first quarter of 2020, a 5.6% drop from 4Q19...

Ocwen said it was in compliance with all financial covenants as of March 31. Meanwhile, after years of layoffs, the servicer is now hiring.

Sources contend that other banks might follow Wells' lead but as the weekend approached, the situation was fluid, to say the least.

“Delinquencies are coming,” said one investment banker. “We just don’t know what the number is.”

Redwood has been able to meet margin calls but is selling mortgage securities at a loss.

Private MI business depends heavily on purchase-mortgage activity, and that’s where Fannie and Freddie saw the biggest decline...

Additional community development activities (loans, investments or services that support digital access, health care, small business operations and food supplies) will receive consideration for CRA credit during the pandemic.

Ditech Financial, the nation’s 10th largest subservicer last time around, disappeared from the ranking because a large chunk of the company’s business, including subservicing assignments, was sold to New Residential Investment Corp.