Banks have received two-year relief from the full impact of the new current expected credit losses accounting standard as they cope with broader impact of the coronavirus. Nonbanks are seeking similar relief.
Nonbank liquidity remained a contentious issue this week with the FHFA shutting the Fannie/Freddie assistance window as the coronavirus continued to hammer the U.S. economy. Solutions? Maybe the Fed.
Megaservicer Mr. Cooper anticipates a large MSR mark for the first quarter, thanks to lower rates and COVID-19. The big question: How bad will it be for the rest of the industry?
The nonbank mortgage sector appeared to be whistling by the graveyard earlier this week because of liquidity concerns sparked by the pandemic. For now, crisis has been averted but the situation is fluid.
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