The historically fragmented mortgage servicing space has been transformed over the past few years due to an influx of large companies and ongoing consolidation.
Sellers of mortgage servicing rights (MSRs) aim to bolster liquidity or exit the market, while buyers pursue economies of scale, cost efficiency and sales opportunities.
Servicing industry executives, including King, spoke during the IMN Annual Mortgage Servicing Rights Forum about how large participants have very low marginal costs.
Mr. Cooper has been at the forefront of this consolidation, acquiring $356 billion in MSRs from Flagstar Bank and $83 billion from Home Point Capital.
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