Rithm Capital Corp (RITM)

[Enterprising Investor]

This is huge.

Expect RITM to be an active bidder on MSRs being sold. And this will require cash well in excess of what is generated in normal runoff.

I also noticed a major shift in the Correspondent Lending space in 2022. Many sellers were actively looking for new relationships starting in 2022. It makes sense now. WFC must have intentionally started offering less favorable pricing last year in an effort to slow the growth of its servicing portfolio.

C also began rebuilding its CL business in 2021.