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.

If subservicing is included in FHFA's market share cap, Rocket plans to shift some of the servicing mix at the combined Rocket/Mr. Cooper.

A slight rise in the unemployment rate in August helped to reinforce expectations that the Fed will cut the federal funds rate this month.

First Interstate Bank posted the largest loss in the second quarter, spilling $5.5 million of red ink.

As of the end of June, banks held $2.859 trillion in their servicing-for-others accounts, up 1.1% from the end of March.

The regulator, though, says no market participant can account for more than 20% of the GSEs' servicing market.