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...

Roughly 75 percent of the loans will come from Georgia and will be top heavy in retail product.

Chuck Klein, managing partner of Mortgage Banking Solutions, is engaged in roughly 12 transactions. “I think at least six of those will close,” he said.

“BofA did a poor servicing job for us,” said Ginnie Mae President Ted Tozer.