If the FHFA’s assessment is correct, mortgage servicers can withstand a substantially deeper economic downturn than originally thought.

Heavy refinance volume pushed Fannie/Freddie MBS production to $175.5 billion in April, one of the highest monthly totals in GSE history. Nonbanks continued to lead the charge. (Includes two data charts.)

Treasury Secretary Steven Mnuchin said in an interview late Thursday that the Trump administration has no plans to fund a Federal Reserve facility to finance servicer advances.