The Federal Housing Finance Agency’s recommendation that it gain authority to oversee nonbanks didn’t go over too well with some in the mortgage industry. The GSE regulator argued that oversight of nonbank mortgage servicers only happens via contractual provisions when possible. In the FHFA’s Annual Report to Congress, it said other federal safety and soundness regulators are allowed statutory authority to examine companies that provide services to depository institutions. David Stevens, the Mortgage Bankers Association’s president and CEO, questions the purpose of the FHFA recommendation and said it would only lead to more unnecessary regulation.