Mortgages in the MBS have seasoned for an average of 7.7 months, according to a presale report from Fitch Ratings.

A year ago, IRRRL activity totaled just $1.99 billion. In the first three months of 2020, it rocketed to $42.01 billion.

Even more noteworthy: First Republic hasn’t issued any non-agency securities since the market meltdown of 2008.

The result: The buildup of payoff funds dramatically reduces the P&I advance requirement...

Fitch and KBRA assigned preliminary AAA ratings to the new MBS. Both incorporated coronavirus-related stress measurements to their calculations...

The biggest surge was in the Ginnie Mae program, where 818,657 loans were classified as 30- to 60-days past due as of the end of April, or 7.02% of the overall Ginnie portfolio. That was up 352,397 loans from the end of March.

According to figures compiled by Inside Mortgage Finance, consumers owe $11.168 trillion on their first liens. If the new MBA forbearance reading is applied to that number, $883.3 billion of mortgages are in need of assistance, temporary or otherwise.

It's not hard to see why Fannie and Freddie like their CRT programs...