Investor interest in MSRs remains strong, very strong.

“They’re making money, but they just don’t know how much longer they can hang on,” said Mark Garland, managing director of SitusAMC.

Onslow Bay Financial, a subsidiary of Annaly, was the biggest buyer of MSRs in the first three months of 2025.

The coupon on the heavily California portfolio is 3.13%.

JPMorgan Chase recently paid 6.5-times the servicing fee for a package of low-coupon mortgage servicing rights.

Locks for mortgages increased by 17.1% on a monthly basis in March.

At yearend, the West Palm Beach-based Onity owned $130.6 billion of MSRs.

“UWM will be discontinuing our subservicing relationship with Mr. Cooper and they will no longer be [a mortgage servicing right] sale partner,” a UWM spokesperson said.

Mr. Cooper was the eighth-largest correspondent aggregator in 2024.

Brookfield has more than $1.0 trillion in assets under management across a variety of sectors.