Given the widespread shuttering of consumer-focused businesses due to the coronavirus, it’s no surprise that securitization of loans on retail properties plummeted 90.1% to just $275.0 million.

Fannie Chief Financial Officer Celeste Brown credited the recently adapted current expected credit loss (CECL) standard for the improved showing because the mortgage giant now looks at lifetime losses whereas before it would have just looked ahead two years.

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.

The added cost associated with servicing a mortgage in forbearance gives servicers an incentive “not to follow the mandates of the CARES Act and implementing guidance,” investigators said.

The seller is described as a “well-capitalized, independent mortgage banking entity managed by industry veterans.”

Higher mortgage rates in six months? No one sees it...

Mortgages with credit scores of 740 and up accounted for 72.69% of GSE refi business, up from 65.55% in the first quarter.

Even loans that fall into the “other” category (portfolio and private-label loans mostly) dropped: 10.41% from 10.93% on July 5.

The top five servicers saw a combined 2.8% drop in MSRs...

The writing was on the wall: nonbanks took over the Ginnie market back in 2016...