“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.

Black Knight reported: “At today’s level, mortgage servicers need to advance a combined $3.5 billion a month to holders of government-backed mortgage securities on COVID-19-related forbearances."

So far, the industry response has been positive, with a thumbs up coming from CMLA...

According to the offering circular, the seller is a “well capitalized institution” based in California.

Self-employed borrowers had the worst performance, on average, followed by loans for investment properties...

An island in the COVID-19 storm; Mortgage banking...

Others blanched at the price tag and are now pondering whether they should install new loan-level price adjustments, something FHA would not welcome.

The Mortgage Bankers Association has been silent on the issue, until now...

California is expecting a massive budget shortfall because of the pandemic, but remains committed to funding a robust state-level CFPB...