“The originations segment now acts as a much stronger macro hedge for our servicing operation, and we believe it will play a major role in helping us achieve our profitability and shareholder return targets,” said Jay Bray, Mr. Cooper’s chairman and CEO.

“It’s a blessing and a curse to get this much volume this quickly,” said Matt Ostrander, chairman and CEO of Parkside Lending.

Jody Shenn, a senior analyst at Moody’s Investors Service, said, “ARRC’s recommendations and Fannie Mae’s and Freddie Mac’s ability to guide standards are signs that mostly uniform approaches will be used in mortgage originations.”

Angel Oak’s Tom Hutchens: “If you don’t commit to it and dedicate some resources, you are going to be even more inefficient.”

This is the third deal from WAMCO this year, following a $945.5 million transaction in May and a $285.6 million bond in February. The company brought out only one deal last year.