The offering circular notes, “The seller will be providing customary representations and warranties.”

Chase isn’t going to follow First Republic’s jumbo-lending model.

The good news is that so far all of the downward adjustments MSR owners booked have been small.

It will be interesting to see what JPM does with all those interest-only jumbos...

MBS spreads to Treasuries continue to be fat at roughly 140 bps. But what if there’s a government debt default? Might the equation turn or will it be so ugly it won’t matter? Analysts are trying to make sense of it all.

Servicing valuations are starting to inch downward, but not dramatically. The good news: Investors still want the asset and prices are holding firm. One notable: More MSR owners are hedging the asset these days.

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 nonbank is set to acquire mortgage servicing rights and the servicing operations of Rushmore Loan Management.

In 2022, loanDepot lost $610.3 million compared to a profit of $623.1 million the year before.

Mr. Cooper, whose revenues fell by almost 26% last year, gave its chairman and CEO a double-digit percentage raise...