Nonbank

Ocwen Financial has approximately $749 million of liquidity from various sources to deal with servicing issues arising from the coronavirus, a company press release said.

Nonbank mortgage employment estimates show payrolls in February leveled off after an unusually strong winter, but anecdotal reports of selective hiring persisted through March amid a broader coronavirus-related drop in U.S. jobs.

Bank employment of mortgage loan officers rose slightly last year, but that was before the coronavirus spread and resulted in social distancing measures that raised questions about broader employment prospects.

Mortgage servicers need direction from federal agencies on how to implement the forbearance plans called for in the CARES Act, according to the Community Home Lenders Association.

Mortgage technology efforts have historically been behind the curve, but some recent responses to the coronavirus highlight instances where it rises to the occasion.

The government is cushioning the impact of the coronavirus on consumers, but independent mortgage bankers need funding to deal with increased levels of servicing advances because of forbearances.

Independent mortgage bankers had their most profitable fourth quarter in seven years for originations, but the fallout from the coronavirus could upset the economics of the industry in the short term.

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

Banks may be protected from a direct hit, but they have invested in vehicles that include such loans, potentially exposing them to defaults.

Mortgage companies that borrow heavily to keep their operations running may face financial pressure from coronavirus-related market volatility as it affects the valuations of collateral securing their financing.