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

Combined, the two companies would have $310.5 billion of MSRs, ranking 10th overall, according to Inside Mortgage Finance.

PennyMac Financial Services said margins were helped by reduced competition due to tighter underwriting standards as some firms suspended lending activities altogether...

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.

The mortgage employment reading, while strong, trails the national numbers by one month.

Officials at PennyMac said the nonbank is prepared to handle servicing-advance requirements and that origination activity remains strong...

GSE and government-insured loans accounted for 86.1% of the market in early 2020, a period that featured a historic nosedive in mortgage interest rates and frenetic volatility caused by the pandemic...