FHA is sympathetic to the plight of its lenders during the coronavirus crisis but how far will it go on forbearance for loans in progress? No one knows, at least not yet.
The gap between when prepayment proceeds are received and when the funds must be transferred to agencies provides an opportunity for servicers to use the funds for forbearance-related advance payments.
Warehouse credit flows downhill: from the financier to the nonbank lender to the consumer. But with the pandemic stoking new economic fears, some providers are tightening their standards, like market leaders JPM and FH.
The economic impact of the coronavirus is smacking headlong into two unmovable trends: the growth of the Ginnie servicing market and the expansion of nonbank servicers. (Includes two data charts.)
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.
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.
It will be the 11th issuance of its type by loanDepot.
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