“The problem,” said Dave Worrall, president of LoanCare, Virginia Beach, VA, “is that servicing buyers aren’t hitting the bid.” This, in turn, forces the actual originator of the loan to keep MSRs.

Black Knight reported: “At today’s level, mortgage servicers need to advance a combined $3.5 billion a month to holders of government-backed mortgage securities on COVID-19-related forbearances."

Several REITs have not yet reported first-quarter financials, so the sector’s sell-off may have been somewhat larger.

The flow of first-time buyer loans was up 20.0% from the first five months of 2019...

Depositories reported $3.360 trillion of servicing for others on their books at the end of March, down a stunning $244.76 billion from 4Q19...

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.

All three agencies recorded declining purchase-mortgage volume...

The new unemployment report from Uncle Sam is out Friday morning. It will not be pretty...