it appears the halcyon days of legacy MSR sales are over. Or so Ocwen is telling Wall Street.

Altisource Portfolio Solutions has rolled out a new operating platform for brokers, table funders and third-party vendors.

We understand that when stock analysts meet with Ocwen management, executives at the nonbank usually tell them to not even ask about the deal.

Since the housing bust, very few mortgage firms have securitized MSRs, though they have used securitization vehicles for advances.

A number of banks have been motivated to reduce their MSR holdings because of concentration limits imposed by the emerging Basel risk capital rules.

One source said the $3 billion “traded a few weeks back,” but could offer no more color on the transaction.

Does JPM's Jamie Dimon really care about the mortgage business? Or is he in it for the CRA credits?

“When you get guidance, you don’t always like everything you get," said Bob Davis of the American Bankers Association.

The sale of Shelter is one of the largest mortgage M&A deals of the past few months and could mark the beginning of an active second half of industry consolidation.

It appears that PennyMac Financial Services is in the market to buy MSRs...