No longer is it a given that the Federal Reserve will cut short-term rates twice this year. And the 10-year Treasury rate is elevated.

“We’re in for a long slog,” one CEO told IMFnews.

“The current sell-off in the bond market works against that, obviously," said one servicing advisor.

Phoenix Capital is auctioning off a $661 million portfolio of conventional mortgage servicing rights.

The maximum principal balance of the transaction, known as Series 2024-VF2, is $1 billion and the aggregate committed amount is $500 million.

The transaction, which will allow the real estate investment trust to leverage its ownership of Fannie Mae mortgage servicing rights, appears to be one of the largest deals of its type.

The non-agency servicer has 32 full-time computer programmers.

Mortgage bankers are trying to stay optimistic about the coming months but interest rates are rising, applications are down and inflation hasn’t been fully tamed.

Nonbanks, and even some large banks, would like to keep more of the servicing rights they create this year. But if origination profits sputter, all bets could be off.

Recruiter Rick Roque says it’s in the best interest of management to finalize compensation agreements by mid-March...