Anne Canfield of Michael Best Strategies: “This is a major issue. I can honestly tell you that nonbank mortgage servicers will not make it past early May. They will be out of business”…
Issuance of non-agency MBS fell 8.2% in the first quarter, with the decline driven by the expanded-credit sector. The non-agency MBS market essentially shut down in March due to fallout from the coronavirus. (Includes data chart.)
The top five producers of jumbos continue to offer the mortgages. The production picture is less clear at nonbanks, which don’t have portfolio capacity.