CMLA’s Rob Zimmer said what he finds so perplexing about the cap is that “no one saw this coming”…

Overall, Freddie said its multifamily arm financed 803,000 rental units, more than 95% of which qualified as “affordable.”

Most nondepository servicing is held by independent mortgage bankers and other non-originating investors...

The concern centers on a clause that states beginning January 2022, the FHFA will cap the amount of mortgages any lender can deliver to the cash window at $1.5 billion over any four-quarter period.

The FHFA IG highlighted the agency’s failure to ensure the boards of the two GSEs are notified after its Division of Enterprise Regulation has identified serious deficiencies in management. The OIG said this has been the state of affairs since at least 2016.

Rather than ending the net worth sweep outright and agreeing to write off some of its preferred shares, Treasury is essentially simply allowing Fannie Mae and Freddie Mac to continue their practice of retaining earnings.

Even though there was no official announcement, that policy expired on December 31.

Depository institutions saw their combined agency servicing shrink 2.5% from the third to the fourth quarter, squeezing their share of the market to 42.2%.

However, details remain a closely guarded secret...