Hugh Frater, a former CEO of Fannie Mae, warned that merging the GSEs could reduce incentives for innovation and competition on pricing, among other issues.

FHA shut down its loan review system after users reported having issues logging in.

SitusAMC expects that by the time 2025 ends about $600 billion worth of bulk agency MSR will have changed hands.

While the trade group still submits formal comment letters, sometimes faster action is needed, such as a text from MBA President and CEO Bob Broeksmit to an administration official.

"I think any outcome is ultimately an acceptable outcome," Michael Comparato, president of Franklin BSP Realty Trust, said of potential reforms to the GSEs.

The Fed will have a new governor in place as it considers monetary policy this week and Fed Governor Lisa Cook will also remain in place.

The group of servicers handled $1.51 trillion of jumbos at the end of June, up 0.7% from the end of March.

Mr. Cooper remained the largest subservicer with $778.1 billion of contracts on its books at the end of June.

The Trump administration vowed to continue the effort to fire Cook, alleging mortgage fraud.

There's the possibility for a borrower to be behind by one or two months on payments, and the servicer has missed FHA's deadline to start a foreclosure.