In 2025, servicing sales should remain hot, but franchise deals involving the transfer of “whole” companies will likely be few and far between.

This year will yield fewer sales than the two previous years but those were aberrations. Small MSR portfolios are available, but nothing in the “mega” $10 billion range.

HPS Investments, which owns nonprime originator/servicer Acra Lending and more, is toying with an IPO. Acra is a small part of what HPS owns, but it would open up the lender to public disclosures.