Fun fact: With correspondent losing share, many small and mid-sized firms began selling directly to the GSEs...

In other words, all that chatter about an end to paper document is overblown.

According to Black Knight, as of Sept. 22, 3.6 million mortgagors were in some type of relief program.

Mortgages in the deal have an average combined LTV ratio of 87.8%.

Although the forbearance program was extended by the FHFA, it still looks expensive to lenders at 500 to 700 basis points...

According to Inside Mortgage Finance, consumers owe $11.29 trillion on their first-liens, which means $782.1 billion worth of loans are potentially at risk.

Fannie and Freddie said borrowers can qualify for a reduction or suspension of mortgage payments for up to 12 months. During this time, homeowners will not incur late fees and foreclosure will be suspended.

“Let’s be very clear,” Calabria said. “The CARES Act imposed unfunded costs on Fannie and Freddie,” adding that, by statute, the GSEs are required to recoup those costs via income.

As for competitive bids, that's a different matter entirely...

The pencil sharpening represents a 13.8% jump from the $3.4 trillion Fannie predicted just month ago, and 88.8% more than the $2.06 trillion in originations the GSE forecast in January, before the advent of the coronavirus pandemic.