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.

Delinquencies on mortgages in agency MBS surged in April amid financial difficulties prompted by the coronavirus. Loans were performing well before the pandemic. (Includes data chart.)

The economic damage caused by the pandemic took a bite out of Freddie’s first-quarter results. More trouble lies ahead, including forced MSR transfers.

Mortgage bankers have been clamoring for liquidity help from the FHFA. This week, the agency delivered on the issue of the GSEs buying COVID-19-related forbearance loans, but then lenders read the fine print.