In a statement, MBA SVP Mike Fratantoni noted, “Forbearance requests fell relative to the prior week but remain roughly 100 times greater than the early March baseline. While the pace of job losses have slowed from the astronomical heights of just a few weeks ago, millions of people continue to file for unemployment.”

The GSEs used “repair shop” subservicing vendors during the 2008 financial crisis. It would appear their time has come again.

“One thing’s for certain: They’re taking on a lot more risk,” said one mortgage insurance official...

The CFPB will consider "good-faith efforts" by mortgage servicers to prevent consumer harm during a servicing transfer...

The situation at press time: Mnuchin said that a Fed facility was no longer warranted...

“Wait until you see next month’s PTAP draw,” suggested one official familiar with the program...

A FHFA spokesman told Inside Mortgage Finance the pricing approved by the agency is “fair and reasonable. He added: “We have heard these loans would sell for much lower prices (15-20% discounts) in private markets.”

The reaction from some trade group officials was swift. Scott Olson, Executive Director of the Community Home Lenders Association, called the new COVID-19-related guidelines “totally inadequate.”

Is the industry happy about today’s announcement? Some praised it but one veteran lobbyist quipped: “It’s better than nothing but it’s pretty thin gruel.”