The agreement comes at a curious time: Servicing prices have suffered during the pandemic but are beginning to improve. In other words, bargains may be hard to find.

Mark Calabria: “Requiring the enterprises to develop living wills helps FHFA fulfill its responsibility to ensure that the failure of an enterprise would harm neither taxpayers nor the mortgage market.”

The combined market for Fannie and Freddie single-family MBS grew 3.7% in the third quarter and a hefty 9.5% over the past year.

MBA criticized the secretive nature of the rule change, arguing that by using lender letters, the maneuver short-circuited the normal comment period…

Among the top 50 nonbank sellers in 2020, six companies have increased their GSE sales more than tenfold: CrossCountry Mortgage, Better.com, Everett Financial, Draper and Kramer, NFM and PRMG.

Like many companies in the sector, Capital Senior Living has been deeply impacted by the pandemic. The company posted a $215 million loss in the third quarter, $191 million of which it attributed to the transfer of these properties to Fannie.

Although early-payment delinquency rates were up across the board, they remained significantly lower than six months ago.

In addition, the language includes a 365-day requirement, which essentially extends the short-term cash flow analysis.

Roughly 33% said profits will remain the same while 48% expect earnings to decrease...

MBA: “Compared to the last two months, more homeowners exiting forbearance are using a modification – a sign that they have not been able to fully get back on their feet, even if they are working again.”