For Ocwen, the acquisitions represent a chance to grow its lending business and bolster its MSR portfolio.

More flow auctions are hitting the market...

Amazingly, there were no bulk transfers of Ginnie MSRs. None.

If Caliber's MSR portfolio of $152.7 billion is valued at 100 basis points, that translates into a value of $1.52 billion, at least...

The termination fee on the NRIC-Caliber deal: $25 million.

What some may have forgotten: Last fall, NRIC submitted a confidential S-1 on its mortgage banking affiliate NewRez but the IPO never came off...

Missing from these calculations are two recent attempts by Caliber Home Loans to sell product — large offerings that were later yanked as the nonbank negotiated its sale to New Residential Investment Corp.

According to figures compiled by Inside Mortgage Finance, Better – which is just five years old – ranks 36^th among all home originators.

Owned by Lone Star Funds, Caliber late last fall filed to go public but the IPO has been on hold for undisclosed reasons. Meanwhile, NRIC also said this morning that its previously announced IPO of NewRez will proceed.

Private-equity firms aren't known for holding their mortgage investments forever...