Onslow Bay Financial, a subsidiary of Annaly, was the biggest buyer of MSRs in the first three months of 2025.

The coupon on the heavily California portfolio is 3.13%.

JPMorgan Chase recently paid 6.5-times the servicing fee for a package of low-coupon mortgage servicing rights.

Locks for mortgages increased by 17.1% on a monthly basis in March.

At yearend, the West Palm Beach-based Onity owned $130.6 billion of MSRs.

“UWM will be discontinuing our subservicing relationship with Mr. Cooper and they will no longer be [a mortgage servicing right] sale partner,” a UWM spokesperson said.

Mr. Cooper was the eighth-largest correspondent aggregator in 2024.

Brookfield has more than $1.0 trillion in assets under management across a variety of sectors.

Rocket’s long-term issuer default rating could be downgraded due to elevated corporate leverage.

Last week rumors were circulating in the industry that a top-ranked nonbank was about to be sold, but the name being floated was not Mr. Cooper.