Secondary

Guild Mortgage's presence in Washington state, the epicenter of the first U.S. outbreak, gave it an early glimpse of the obstacles ahead.

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.

Lenders implemented stricter underwriting across all loan types in the first quarter as the pandemic upended the economy, the Federal Reserve said in its survey of loan officers.

The Federal Reserve's emergency rescue of the U.S. mortgage market should have set off celebration among lenders trying to keep up with demand from borrowers. Instead, executives at Quicken Loans got a hefty margin call.

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

Fannie Mae's profitability suffered but it managed to stabilize the mortgage market in the first quarter even with the coronavirus disrupting, among other things, certain credit-risk transfer vehicles it has used.

Net income grew by nearly 1,990% year-over-year as its core mortgage services businesses gained scale.

The Home Loan bank will make zero-interest loans, match charitable donations that members make to nonprofits and small businesses, and provide additional funding for economic development grants.

About 7.3% of U.S. mortgages entered forbearance plans in April, providing temporary relief to more than 3.8 million borrowers who have lost income during the coronavirus pandemic.