The Ginnie Mae portion is $130 billion: Forbearance requests on 5.89% of $2.2 trillion worth of FHA/VA loans that back GNMA MBS.

In an industry update, Keefe, Bruyette & Woods predicts it may still take some time before the establishment of an emergency funding facility for residential servicers with MBS payments coming due.

One of the goals: to assist nonbanks so they are not declared in technical default, an event that would trigger financing covenants they have with their warehouse lenders.

Scott Olson, executive director of the Community Home Lenders Association: "This is a period of deep uncertainty for IMBs. Those that service [loans] are getting hit with huge unexpected liquidity demands regarding advances."

FHA forbearance is expected to swell in the weeks and months ahead...

But will the central bank act decisively? “Powell’s remarks were encouraging,” one veteran industry lobbyist noted.

Specifically, Ginnie is permitting a note structure, which allows for the securitization of servicing cash flows through a trust.

FHFA's stance has mortgage bankers perplexed, to say the least...

MBA said its survey covers 22.4 million loans serviced…

The six-month tally would be at least $45 billion. The calculations from the research firm take into account prepayment cash flows buffering principal and interest advance requirements.