Fannie’s RPL activity has consisted entirely of whole-loan sales. Freddie, on the other hand, continues to focus its RPL activities on the securities side of the business.
The January amendments to the PSPA require the GSEs to follow the new QM rule, even though CFPB may not enforce the rule until October 2022. That means Fannie and Freddie will no longer purchase GSE patch loans after July 1.
Mortgage industry observers increasingly argue that Fannie Mae and Freddie Mac should be regulated as utilities. But conservative critics say, “Not so fast.”