The reaction from some trade group officials was swift. Scott Olson, Executive Director of the Community Home Lenders Association, called the new COVID-19-related guidelines “totally inadequate.”

Is the industry happy about today’s announcement? Some praised it but one veteran lobbyist quipped: “It’s better than nothing but it’s pretty thin gruel.”

Of course, early this spring, the FHFA, in trying to aid consumers economically impacted by the pandemic, requested that servicers provide forbearance.

At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.

Mortgage bankers not affiliated with depository institutions owned mortgage-servicing rights for $1.363 trillion of loans backing Ginnie MBS, or a stunning 67.8% of the market.

Overall, mortgage citations accounted for only 8% of total gripes...

Ginnie MBS data show an increase of 72,224 loans recorded as 30 days past due from February to March. Some 56,266 of those newly delinquent loans were FHA-insured.

For certain residential mortgages, including refis, banks can delay obtaining an appraisal for up to 120 days after a loan closes.

In the home equity department, BofA actually increased lending to $3.02 billion in the first quarter from $2.99 billion in 4Q19.