The Financial Stability Oversight Council (FSOC) published a report on nonbank mortgage servicing in May 2024. This important report highlighted the major role the nonbank mortgage companies (NMCs) play in the mortgage market and documented their vulnerabilities. The vulnerabilities are far more pronounced in the Ginnie Mae market. The FSOC’s concern is that although no single NMC is systemically important, the NMCs collectively present risks to the system, and the government does not have the tools to address these risks. Although the FSOC report made recommendations to improve the resilience of the system, we believe there were several recommendations that were not given adequate consideration. In particular, the report did not adequately consider all the alternatives to provide the NMCs with liquidity support, including Federal Home Loan Bank membership and the creation of a Ginnie Mae Commercial paper facility, and did not consider the need for a single prudential regulator. This brief is intended to fill that gap.