What happens when competitors pursue scale in a static yet strategically important market? The answer lies in a remote corner of the mortgage industry: subservicing.

This business — which involves handling mortgage payments, borrower communication and escrow administration on behalf of lenders — has undergone consolidation. The sector drew renewed attention in March when Rocket Companies announced a $9.4 billion offer to acquire Mr. Cooper Group, the largest subservicer in the country.

Since then, competitors have been recalibrating their positions — and so have their clients. details ⇒

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