Within two weeks, the government guarantor will roll out a Pass-Through Assistance Program (PTAP) whereby issuers with a principal and interest shortfall may request that Ginnie advance the difference between available funds and the scheduled payment to investors.

Angel Oak Mortgage Solutions laid off roughly 70% of its 275 employees as non-QM originations have stalled due to economic fallout caused by the coronavirus.

We expect that all nonbanks, regardless of size, are watching the liquidity issue closely. Three privately held nonbanks rank among the top 100 servicers. They are: LoanCare, Lakeview and Quicken…

One industry representative noted: “While it is still an outdated fax-based system, it is the most trustworthy in terms of verifying a mortgage applicant’s income information and prevents fraud.”

While top nonbanks increased their production by 9.5% from the third quarter, depository institutions grew their volume by just 1.8%.

“I haven’t been doing any deals, but I’ve been on the phone with clients a lot,” said one veteran servicing broker. “You might say they’ve been hyperventilating.”

Calabria’s remarks were part of a broader outline summarizing the impact the crisis has had on mortgage markets and the actions the FHFA has taken in response.

In the stock market, we trust. Right? Meanwhile: Ocwen to the rescue? (Too bad Ditech didn't survive.)

“That’s going to grow as we see more and more states that enter into a shelter-in-place status,” said Steve Gottheim, senior counsel at ALTA.

Those 21 states accounted for $919.3 billion of single-family business funneled through Fannie Mae, Freddie Mac and Ginnie Mae into mortgage-backed securities issued in 2019.