The initial offering size was $378 million, but Rithm said the deal was increased due to "demand for the securitization's unique structure and underlying asset portfolio."

MSR bids are currently largely rational, though a few packages sold in recent weeks at unexpected prices, according to Brian Simon, a managing director at Bungalow Funding.

The Structured Finance Association warned that if servicers incur uncompensated expenses for a lengthy period it would decrease the value of mortgage servicing rights.

Although nonbank advocates have long argued for FHLBank membership, new proposals from the Urban Institute address key challenges.

The increase in sales of Ginnie MSRs was tied to bulk sales by United Wholesale Mortgage. Lakeview/Bayview Loan Servicing was — by far —the top bulk buyer of Ginnie servicing. (Includes two data tables.)

The nonbank share of owned servicing increased from 55.9% as of the end of March to 56.9% at the end of June. Much of that growth was driven by large firms, which are gobbling up MSR and subservicing. (Includes three data tables.)

At mid-year, Newrez owned $596 billion of servicing rights with an additional $214 billion of subservicing contracts on its books.

Some MSR buyers would rather focus on acquiring volume and leave the servicing duties to someone else. Subservicers are happy to provide the service, touting cost savings and innovations.

Some planned MSR sales are being scrapped because the seller has the MSR marked at a higher level than the highest bid.

The volume of mortgages banks service for other entities declined by 2.0% during the first quarter of 2024. Regions Bank was the only depository among the top 10 to increase its servicing. (Includes data table.)