The impairment rate on non-QM MBS increased by more than five times in April as borrowers felt the side effects of the coronavirus. The worst performing non-QM loans were those to self-employed borrowers.
For the first time in years, the amount of jumbo mortgage servicing outstanding declined on a quarterly basis. Looking forward, forbearance requests are a key issue. (Includes data chart.)
Profit at Velocity Financial declined in the first quarter and half the staff was temporarily furloughed. Still, the firm plans to issue an MBS in the coming weeks and get back on track.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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