The FHFA's optimism is based on quarterly income, financial, and balance sheet statements that Fannie and Freddie receive from 346 MBS servicers...

FHFA Director Mark Calabria: “Homeowners who are in COVID-19 forbearance but continue to make their mortgage payment will not be penalized. Today’s action allows homeowners to access record low mortgage rates and keeps the mortgage market functioning as efficiently as possible.”

Fannie Mae: “The financial advisor will work closely with the company and the FHFA to consider business and capital structures, market impacts and timing, and available capital raising alternatives, among other items.”

KBW believes the Freddie announcement could improve valuations for mortgage servicing rights “as the market reduces its expectations for potential servicing advance costs.” 

UWM has rolled out an ambitious new program to fund a ton of conventional FRMs at 2.5%. Meanwhile, Fannie/Freddie borrowers have a new COVID-19 payment deferral option.

The new policy applies to borrowers who can afford to resume making their regular monthly mortgage payments, but are unable to cover the remittances they missed during forbearance...

It's not hard to see why Fannie and Freddie like their CRT programs...