Servicing

After ending 2019 on a high note, Ocwen Financial posted an income loss in the first quarter due to the unexpected costs and volatility created by COVID-19.

Three of the four had fewer new notices of delinquency for the quarter, but that should change going forward.

Mortgage industry hiring and new job appointments for the week ending May 8.

But it is still looking to conserve capital to cover future delinquencies and will likely halt dividends to the parent company.

Some benefits are materializing from Fannie Mae's pledge to limit servicers' exposure to principal-and-interest advances the way Freddie Mac does, but counterparties of both GSEs remain exposed to other concerns.

But Black Knight and Arch Capital's mortgage insurance business aren't as affected, at least so far.

The total coronavirus-related mortgages in forbearance grew by 55 basis points, in lockstep with rising unemployment claims, according to the Mortgage Bankers Association.

With unemployment mounting, new mortgage forbearance requests could sharply increase in early May when payments are due.

Less competition in the marketplace meant customers were less apt to fudge the truth on a loan application.

Jay Bray speaks about the company's experience in working with distressed borrowers going back to the Great Recession.