Although a number of large banks have recently shown more interest in the secondary market for mortgage servicing rights, there is no sign that the migration toward nonbanks is ending. A new Inside The GSEs analysis of mortgage-backed securities data shows that independent mortgage bankers increased their holdings of Fannie Mae and Freddie Mac MSR by 2.0 percent from the first to the second quarter of 2018. Depository institutions recorded an 0.5 percent decline in GSE servicing rights over the same period. Most of the bank shrinkage came from the four institutions with over $1 trillion in total assets. Although Wells Fargo, JPMorgan Chase, Bank of America and Citigroup still held a whopping...