The terms of the settlement include $500 million in consumer relief and a cash payment of $468 million.

“Right now there’s a large discrepancy between what the buyer wants to pay and what the seller wants to sell at,” said Chuck Klein, managing partner in Mortgage Banking Solutions.

One competitor to Prospect described Mike Williams as a “great technical guy.” He added that having Prospect go public is “the next step” in Sterling’s exit strategy.”

The average loan size is $215,080, the average loan-to-value ratio 72 percent. The first round of bidding is scheduled for next Wednesday, June 25.

Norcom wants its wholesale account executives to be in the office, not traveling the roads.

Although the Wells Fargo-Ocwen MSR transfer is still on hold, other institutions continue to trim their mortgage servicing portfolios.

Outside of CitiMortgage and SPS, no other servicers received one-star ratings on the seven metrics tested for the Treasury in the first quarter of 2014.

Analysts point out that bank earnings have suffered less than revenues, and many institutions responded quickly by downsizing their mortgage operations, although these cost-cutting efforts won’t show up in expenses immediately.

Bettenburg earned a base salary plus bonuses of roughly $781,742, according to the S-1 statement.

“Sadly, the impact of QMs [qualified mortgages] will never been quantified since most LOs will not originate borderline loans,” said New Jersey broker Brian Benjamin.