Canadian mortgages are remarkably short — just one to four years. The monthly payments, though, are comparable to American mortgages because the loans are still amortized over 25 to 30 years.

Non-agency mortgages aren’t covered under the CARES Act, leaving servicers of such loans to rely on a combination of standards set by the GSEs and individual MBS contracts.

Fannie, Freddie and Ginnie issued a combined $742 billion of single-family MBS in the second quarter, smashing a record set back in 2003, the mother lode for mortgage business. (Includes two data charts.)

Until mid-month, many nonbanks were writing loans hand-over-fist, but warehouse capacity in the COVID-19 era is running low. Also, there’s a snafu at BNY Mellon.

The deluge of refinance business so far in 2020 has overshadowed a sturdy purchase-mortgage market. But softening housing-market trends suggest a rougher road ahead. (Includes data chart.)

While overall agency delinquency rates remained significantly elevated, the number of new loans entering the 30-day late category fell sharply from April to May.

The jury is still out on FHA’s new forbearance policy but the early reviews haven’t been good. Still, it’s better than nothing. Right?

Forbearance requests leveled off near the end of May but the share of borrowers missing payments while in forbearance increased.

Gain-on-sale margins are rich these days, as evidenced by Mr. Cooper’s recent SEC disclosure. Is this a one-off or something that could last for years?

The GSEs won’t accept LIBOR-based loan applications after Sept. 15. They expect all purchases linked to the London rate to cease by yearend.