The FDIC closed First Republic Bank this week and JPMorgan Chase acquired substantially all of the bank, with help from a loss-sharing agreement provided by the FDIC.

Merger and acquisition activity is heating up, but most of it centers on mortgage servicing rights, huge blocks of it. Not only is SPS in play, but so too is SLS.

Mr. Cooper hopes to surpass the $1 trillion mark as a servicer/subservicer, an event that could happen by yearend if it keeps gobbling up portfolios. Meanwhile, there’s plenty of MSRs to buy.

The bank liquidity crisis — although it had nothing to do with mortgages — slowed activity in the MSR sales arena. However, some buyers, including federally insured depositories, hung in there, picking up bargains.

Home Point, which once boasted a workforce of several thousand, soon will be down to a skeleton crew of 60 or so. Chances are, it will sell its servicing portfolio and call it a day. But it may not be alone on that score.

Don’t like the bids you received for your mortgage company in a tough market? Maybe the easiest (and safest) thing to do is self-liquidate and keep the cash that was on the balance sheet.

The first quarter hasn’t exactly been a barn-burner for MSR sales and the recent bank liquidity crisis hasn’t helped. However, some buyers might take advantage of the fears of others.

Rates are headed lower, at least for now, causing sellers of MSRs to pause. However, “whole” company deals could pick up a head of steam. One hungry buyer: Guild Mortgage of San Diego.

The move signals an aggressive effort by federal regulators to rein in consolidation in the mortgage tech industry. ICE said it is prepared to fight the FTC over the Black Knight deal.

Homebridge Financial has agreed to sell most of its MSRs and its entire retail network to California-based CMG. Homebridge insists it’s not going away and is working on other transactions.