Arch MI: “The loss ratio for the 2020 first quarter reflected 12.0 points of losses which resulted from financial stress due to the COVID-19 global pandemic."

Fannie Mae, Freddie Mac and Ginnie Mae pumped out a record $236.8 billion of single-family MBS in April. The previous record was $232.1 billion, set in June 2009.

As we recently reported, the nonbank share of agency mortgage servicing rights moved ahead of the bank share in the first quarter.

Complaints about debt collection, the second most-criticized category, increased 7.2%...

The top sellers of bulk MSRs in 1Q20: Ditech, Chase, Caliber and UWM...

In a statement, MBA SVP Mike Fratantoni noted, “Forbearance requests fell relative to the prior week but remain roughly 100 times greater than the early March baseline. While the pace of job losses have slowed from the astronomical heights of just a few weeks ago, millions of people continue to file for unemployment.”

The outcome was a boost in broker share to 15.2% of the market, up from 12.6% in the first three months of 2019.

The flows into commercial MBS of loans backed by office properties, retail facilities, hotels, apartments and industrial properties were all down sharply from the fourth quarter, a victim of the economic damage caused by the COVID-19 pandemic.

Fun fact: Nonbanks have taken over the top-50 ranking, with only 18 depository institutions making the cut in the first quarter...

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