The Federal Housing Finance Agency has issued guidance to Fannie Mae and Freddie Mac stating that it would like to review any transfer of mortgage servicing rights where 25,000 or more in loans are being sold, investment-banking officials told Inside The GSEs. Sales that entail MSR portfolios of under that amount will avoid FHFA scrutiny. Fannie and Freddie, as a technical matter, have control of the servicing rights to the loans they guarantee and contract out with mortgage firms to process the payments on a monthly basis.