Meanwhile, on Tuesday morning, S&P Global downgraded a handful of large nonbanks, including Mr. Cooper, Ocwen Financial, and Freedom Mortgage, which rank third, 13^th and 14^th, respectively among servicers, according to figures compiled by Inside Mortgage Finance...

On the servicing front the news was grim. Wells revealed that its massive residential servicing portfolio declined in value by 29.4% from the prior period: $8.13 billion at March 31 compared to $11.52 billion at yearend.

Ocwen said it received written notification on the violation from the NYSE on April 8.

The Ginnie Mae portion is $130 billion: Forbearance requests on 5.89% of $2.2 trillion worth of FHA/VA loans that back GNMA MBS.

It's starting to look a lot like the 1980s: Jumbo mortgages at 10%...

One of the goals: to assist nonbanks so they are not declared in technical default, an event that would trigger financing covenants they have with their warehouse lenders.

We talked and emailed to roughly 10 officials about JPM’s move and although they were shocked, it wasn’t completely out of left field, given the COVID-19 pandemic and Dimon’s predilection for playing it safe.

“This is a sea change,” said Steve Harris, president of MIAC Analytics, New York. “It’s going to get really ugly from here – and I know ugly.”