Is Fannie Ready to Buy Another MSR Portfolio?

Yes, I know: Fannie Mae isn’t really in the servicing business even though it bought $74 billion of MSRs from Bank of America in the third quarter. The news of the deal – published by National Mortgage News and at least one other media outlet – is starting to sink in. The Mortgage Bankers Association, in its recent comment letter to FHFA on servicing compensation, calls the Fannie purchase “significant,” noting that the GSE’s input to the ‘fee for service’ debate now represents a “conflict of interest.” Of course, Fannie’s point man on the issue may be departing in January, or so we hear. Meanwhile, one source said Fannie may be gearing up to buy another MSR portfolio. And here’s one important fact that readers should ponder: less than 20% of the B of A MSRs that Fannie bought were tied to delinquent loans. That means at least 80% are performing, which means $59 billion are performing…