The mortgage-servicing rights (MSR) market went on a tear at the start of 2022, and that hot streak has continued into the second quarter as interest rates on 30-year fixed mortgages continue to rise — now up 2 percentage points since the start of the year and still seemingly upward bound.
As rates rise, MSR prepayment speeds drop — a byproduct of diminished refinancing activity. That, in turn, amplifies the value of MSRs because they pay out over a longer period. Those dynamics sparked some major MSR bulk offerings over the first quarter, as details ⇒
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