Residential lenders that are relatively new to the seller/servicer ranks of Fannie Mae continue to gripe about the purchase limits the GSE has placed on them, causing the agency to spell out its reasoning in an online commentary. According to a recent message posted to Fannie’s website by Executive Vice President and Chief Risk Officer John Nichols, the caps the GSE placed on new customers – nonbanks primarily – were caused by what the company calls a “significant shift in the composition of our customer base and the emergence of many new originating institutions with whom we have done little or no business.” He adds: “This rapid change in the marketplace prompted...