The GSEs combined netted $7.93 billion in fourth-quarter profits on $13.21 billion in net revenue while shrinking their retained mortgage portfolios by $4.45 billion. (Includes data chart.)

For Freddie Mac, 2021 was even more profitable than 2020, but quarterly trends suggest this year will be more normal.

Some of Cenlar’s subservicing clients are eyeing a switch. But when it comes to securities holders whose assets are being serviced by the vendor, so far, there isn’t much to worry about.

The enterprise for the first time will make loans on new-built homes eligible for securitization under its green MBS program.

Industry participants are confident that the non-agency market can absorb some GSE mortgages that will otherwise be subject to higher fees; SFA highlights ABS LIBOR complication; Credit Suisse modifies MBS issued in 2019; New Residential set to issue single-family rental securitization.

Analysts at Keefe, Bruyette & Woods expect prepayment rates on agency MBS to decline further in 2022 as fewer borrowers have incentives to refi.

Fannie’s deemed-issuance ratio for 2022 dropped as the government-sponsored enterprise accounted for a lower share of deliveries to UMBS; MISMO is working to standardize the bid-wanted in competition dataset format.

The latest delay to implementation of margin requirements for agency MBS is tied to changes proposed to Rule 4210 following FINRA’s discussions with staff at the Federal Reserve and the SEC.

Don Layton said critics don’t like credit-risk transfers because they make the GSEs stronger and more durable.

The consensus is that FHFA Acting Director Sandra Thompson wants to cut LLPAs, but if she does, how do the government-sponsored enterprises pay for it?