Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.

Nonprime lender Deephaven Mortgage soon will have a new owner: Investment fund manager Pretium Partners, the brainchild of former Goldman Sachs executive Don Mullen. Last fall Pretium agreed to acquire specialty servicer Selene Finance. It's scouring for other deals as well.

Subservicing vendors continued to grow during the first quarter but a few firms saw a reduction in contracts. Cenlar remained the dominant player but Mr. Cooper, Flagstar and Ocwen are eager to compete. Meanwhile, consolidation looms.