According to Francis Creighton, president and CEO of the Consumer Data Industry Association, the adoption of the CARES Act went smoothly, but it’s too early to tell what impact the pandemic will have on consumer credit...
Correspondent production of conventional-conforming loans fell 17.3% on a quarterly basis, reducing the channel’s share to 36.7%, the lowest reading in the past five years.
The survey was based on responses from 336 lenders, 81% of which are nonbanks. Firms in the study originated, on average, $728 million of loans in 1Q20.
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...
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.
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