Subservicer ServiceMac stands to lose a large contract down the road once Mr. Cooper swallows the Home Point portfolio. But that’s the nature of the beast when it comes to being a third-party vendor.

The Mortgage Bankers Association has asked the CFPB to expedite changes to loss-mitigation requirements, noting that regulatory standards haven’t evolved to take into account changes in servicing practices.

The coronation of JPMorgan Chase as king of the servicing market is unfolding in the second quarter as the company takes over First Republic’s whole-loan portfolio and Wells Fargo ships off $50 billion of agency MSR. (Includes three data charts.)

Merger and acquisition activity is heating up, but most of it centers on mortgage servicing rights, huge blocks of it. Not only is SPS in play, but so too is SLS.

Servicing valuations are starting to inch downward, but not dramatically. The good news: Investors still want the asset and prices are holding firm. One notable: More MSR owners are hedging the asset these days.

Mr. Cooper hopes to surpass the $1 trillion mark as a servicer/subservicer, an event that could happen by yearend if it keeps gobbling up portfolios. Meanwhile, there’s plenty of MSRs to buy.

The CFPB issued an advisory opinion to limit foreclosures on “zombie” second mortgages, noting that many would be past the statute of limitations.

In what appears to be a response to recent bank failures, Freddie has said servicers are responsible for any losses out of custodial accounts if a depository goes bankrupt.

The earlier-than-expected end of the COVID national emergency has brought additional regulatory pressure on mortgage servicers.

Rising interest rates limit demand for mortgages; home prices increase; few borrowers remain in forbearance; foreclosure activity up slightly.