Despite heavy volume in new single-family business in recent years, there has been little growth in the outstanding volume of Fannie Mae and Freddie Mac servicing. GSE single-family servicing peaked at $4.794 trillion back in 2009. Up until 2014, refinance activity accounted for over 70 percent of Fannie/Freddie new business; there was a lot of churning in GSE servicing rights but a net decline in outstanding volume. The rebound in purchase-mortgage lending last year began to turn that around. A new Inside The GSEs analysis of Fannie and Freddie mortgage-backed securities disclosures shows total single-family servicing grew modestly in both the third and fourth quarters of 2014. The analysis shows a total of $3.956 trillion of single-family servicing at the ...