Houston real estate agent Tim Surratt decided late last week to hold his first open house since the coronavirus pandemic broke out.

This scenario has been seen before. A sudden shock to the economy. Jobs lost. Lenders in trouble.

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.

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

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.

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

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.

The Palm Beach, Fla., real estate market entered the season last fall with a strong wind at its back.

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