For HUD, the central question boils down to this: Will the MMIF have enough cash on hand to weather what could turn out to be a delinquency tsunami on the FHA book of business?
Impac Mortgage Holdings incurred $534,000 in legal and professional fees during the second quarter “as a result of exploring alternative exit strategies for our non-QM position."
Altisource added: “We anticipate this short- to medium-term pressure on our default related businesses to continue with governmental forbearance programs and moratoriums temporarily preventing servicers from pursuing foreclosure of delinquent loans..."
But there was good news. Thanks to the origination boom, the company’s new insurance written jumped to $25.5 billion in 2Q20, a sequential gain of 52.7%.