When the going gets tough, the tough tighten their underwriting standards...

Tighter underwriting standards from wholesalers and aggregator are limiting the production flow...

At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.

Mortgage bankers not affiliated with depository institutions owned mortgage-servicing rights for $1.363 trillion of loans backing Ginnie MBS, or a stunning 67.8% of the market.

Overall, mortgage citations accounted for only 8% of total gripes...

Ginnie MBS data show an increase of 72,224 loans recorded as 30 days past due from February to March. Some 56,266 of those newly delinquent loans were FHA-insured.

Only 11.22% of purchase-money mortgages purchased by the GSEs in the first quarter had FICO credit scores below 700. That was down from 12.05% in the fourth quarter and 14.66% a year ago.

Believe it or not, purchase loan applications increased 16.4% in Washington, one of the first states ravished by the pandemic...

On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.

The Ginnie Mae portion is $130 billion: Forbearance requests on 5.89% of $2.2 trillion worth of FHA/VA loans that back GNMA MBS.