Nonbank

The sale completes First Choice affiliate Berkshire Hills Bancorp's exit from the mortgage origination business.

Previously, mortgage firms concentrated on borrower-facing systems at the expense of internal experience.

Hiring by nonbank mortgage and brokers held up unusually well through the early days of the coronavirus outbreak in March, but April's all-time high in unemployment suggests that's unlikely to last.

Mortgage lenders have imposed steep pricing adjustments for cash-out refinancing as more borrowers seek forbearance.

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.

The Federal Housing Finance Agency has promised to take care of advances on principal and interest payments for coronavirus forbearances after four months, but servicers remain concerned about other responsibilities.

Lenders that split their sales of loans and servicing between two different investors may be facing yet another challenge due to the coronavirus outbreak.

FHFA head Mark Calabria and his FSOC counterparts need to sit down with the Treasury and fashion an emergency capital plan for the GSEs.

The lender is one of many taking advantage of the disruption in the market to grow their businesses.

Mark Calabria needs to be working to secure a Fed facility for servicer advances and to support, not denigrate, smaller servicers, the Mortgage Bankers Association said.