When Fannie Mae recently announced that its automated underwriting system would be free for all seller-servicers, matching a move made by Freddie Mac, lenders everywhere rejoiced. But not the nation’s mortgage cooperatives, which stand to lose business because the advantage of their “buying power” (with Fannie and Freddie, at least) is now greatly reduced. “Co-ops basically lose their main benefit,” said Mat Ishbia, president and CEO of United Wholesale Mortgage ...