It’s not every day that a mortgage company files for bankruptcy protection, especially one owned by PIMCO. As for the future of that mortgage company, FGMC, a sale of its licenses is expected. After that, it’s game over.

With origination profits remaining depressed, most mortgage shops are tapping MSRs to bolster their quarterly results. As that old saying goes, “If you got ‘em, smoke ‘em.”

Lower has acquired Hamilton Home Loans. Also, HomeLight is acquiring Denver-based Accept.inc to build out its cash offer program.

PE shops have quietly entered the MSR arena as owners, reaping strong gains. How long they might stick around depends on the direction of interest rates.

The Community Home Lenders Association has raised concerns that an entity with dominant market position could engage in anti-competitive behavior.

Does mortgage fintech Better.com have a future not tied to a SPAC? A sale perhaps? Meanwhile, more lenders are pulling the reduction-in-force lever.

As loan volumes head south, more potential buyers are slated to come out of the woodwork, but don’t expect any premiums to be paid. We found at least two mid-sized shops that are in the hunt for deals.

After a respite of sorts, the insatiable appetite for mortgage servicing rights revives. Meanwhile, Better.com and its founder find themselves on the wrong end of a civil damages claim.

Servicing bids are off their highs for the year, but the situation could be temporary. As originations wane in the quarters ahead, nonbanks could flood the market with more auctions.

How do you know when a mortgage cycle has reached its nadir? When originators produce loans at a loss. We’re not there yet but we could be close. Meanwhile, just because a lender announces a stock buyback that doesn’t mean it will happen.