Short Takes: Assistance for Nonbanks? Yes or No? / Big Trouble by Early May? / In the Queue / A Record Quarter for UWM / Ocwen’s Progress
pmuolo@imfpubs.com,
bivey@imfpubs.com As the weekend approached, there were differing opinions in the mortgage industry regarding federal assistance to help nonbanks make their MBS payments once consumer delinquencies start accelerating due to layoffs caused by the COVID-19 pandemic. As we’ve noted before, Ginnie Mae, FHA, the Federal Housing Finance Agency and other government bodies are working on the issue with Treasury and the Federal Reserve…
But is the matter of assistance resolved? Anne Canfield of Michael Best Strategies told us, “This is a major issue. I can honestly tell you that nonbank mortgage servicers will not make it past early May. They will be out of business”…
One consultant working on the issue said the naysayers need to calm down. “It seems to be about timing and prioritization. This [mortgage liquidity] is in the queue"…