Cowen Research: "The issue is what happens in August and September if the government permits expanded unemployment benefits to expire.”

Wells Fargo was the most active servicer in repurchasing delinquent loans in May, with $2.31 billion, 50.2% of the market total. A significant share of those loans were reportedly current, the MBS disclosures show, indicating that Wells repurchased loans in forbearance.

Alterra Mortgage President Miguel Narvaez: “And what happens is that no one wants to take the risk of doing loans that FHA will not insure.”

The three agencies reported a total of 1.2 million single-family loans one payment past due, or 3.03% of their combined portfolio. Ginnie’s 4.78% 30-day delinquency rate was the highest, including a 5.68% rate for FHA loans.

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."

Others blanched at the price tag and are now pondering whether they should install new loan-level price adjustments, something FHA would not welcome.

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

The Mortgage Bankers Association has been silent on the issue, until now...

The lender becomes liable for the indemnification payment if the property goes into foreclosure and results in a claim to the Mutual Mortgage Insurance Fund.

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