But the first quarter was just a prelude to the crescendo of refinance activity in April and May. A whopping $323.4 billion of refi loans were securitized by the GSEs and Ginnie during the past two months...

The top contributors to the deal include Athas Capital Group with a 33.2% share and Sprout Mortgage at 30.8%...

As one East Coast-based banker put it: “Before the pandemic exploded, I had eight or nine new customers lined up I wanted to bank. Right now, that’s on hold until this passes.”

Sterling Bank and Trust increased reserves in case the bank has to buy back non-QMs with faulty underwriting.

Black Knight estimates that based on its reading of May 26, MBS servicers need to advance $3.6 billion a month to investors in government MBS on forborne loans and an additional $1.5 billion for real estate taxes and insurance.

Investor appetite for the MBS has been relatively strong. The Angel Oak paper was oversubscribed.

Total Ginnie MBS production last month came to $61.34 billion, topping the previous record set in October 2019.

How worried should lenders be about the self-employed and small business owners?

Industry consultant Paul Hindman called the profit margin news from Mr. Cooper "phenomenal."

Among the critics of the newly issued capital framework: Don Layton, Freddie Mac's former CEO...