Timing is everything. The majority of the loans, 63.0%, went into forbearance status in April and many of these borrowers may have already made their May payment.

The supply of single-family MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae grew another 1.4% in the first quarter, hitting $7.134 trillion.

Bill Dallas of FoAM: “Most warehouse lenders are at capacity and already ‘bulged’ most of their companies. As a result, if you need additional capacity and you didn’t plan for it, there are no new warehouse players. You are dead in the water.”

Angel Oak is on track to be the top issuer of expanded-credit MBS in the second quarter with volume of $876.3 million...

MBA suggests that mortgage-investing REITs also would benefit from the relaxation of the FHLB’s eligibility regulations...

The top contributor to the deal is JMAC Lending with a 7.3% share, followed by Commerce Home Mortgage (7.0%) and loanDepot (6.4%).

Most of Freddie’s buyback claims end up being withdrawn by the GSE. A substantial share of Freddie’s loan purchases are underwritten through Fannie’s automated underwriting platform, but not all of the Desktop Underwriter extended services are available if the loan is sold to Freddie.

“It was a case of ‘we’re all in this together,’ until it wasn’t,” Shenkman said.

The $439.2 million deal was in the works before economic volatility from the coronavirus stalled activity...

Wells Fargo was the most active servicer in repurchasing delinquent loans in May, with $2.31 billion, 50.2% of the market total. A significant share of those loans were reportedly current, the MBS disclosures show, indicating that Wells repurchased loans in forbearance.