The Federal Housing Finance Agency (FHFA) said Tuesday it has allowed Fannie Mae and Freddie Mac to approve Rocket Companies’ planned acquisition of Mr. Cooper Group, noting the combined company should not exceed a 20% counterparty risk limit set for the government-sponsored enterprises (GSEs).

Detroit-based Rocket announced in March that it would acquire Mr. Cooper — the nation’s largest mortgage servicer — in an all-stock deal valued at $9.4 billion. At the same time, Rocket was also pursuing a $1.75 billion acquisition of real estate brokerage and home search platform Redfin.

FHFA staff details ⇒

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