Did you know that cows snooze laying down for the four hours of sleep they need a day? Did you know that horses sleep standing up? These tidbits may come in handy for me this week as I head to Cody, Wyoming for the WMLA annual conference. Or they may not. Here’s a question not so trivial: what has 250,000 customers and a $37 billion unpaid principal balance? Answer: Rushmore Loan Management Services’ residential mortgage servicing platform, being sold to Mr. Cooper Group this year. Recall that Mr. Cooper agreed to acquire Roosevelt Management Company, LLC, Rushmore's parent company, to serve as the platform for its mortgage servicing rights fund asset management strategy. Lenders of all shapes and sizes have been selling their MSRs for various reasons, not the least of which is to raise cash in tough times, and it appears that “tough” times will be with our industry for a while. For many lenders, servicing is the only asset worth anything. Depository banks know a thing or two about assets, and the big are getting bigger: JPMorgan Chase & Co. submitted the winning bid for First Republic Bank in an auction being run by U.S. regulators. (Today’s podcast can be found here and is this week’s is sponsored by Blend. Want to power a better lending journey from application to close? Find out how their digital end-to-end mortgage experience can help you reach your business goals.) Lender and Broker Software, Services, and Products Foodies hoping to live on the wild side may one day get a taste of wooly mammoth thanks to an Australian cultivated meat company. Unable to adapt to their changing environment, these beasts went extinct millennia ago. Fortunately, SimpleNexus, an nCino company, ensures industry evolution beyond prehistoric point-of-sale solutions. Watch to learn how Alterra Home Loans has embraced a solid tech consolidation strategy and SimpleNexus’ end-to-end product suite to enhance borrower engagement, loan officer productivity, origination efficiency, and digital closing convenience. Want to overcome the efficiency challenges plaguing your tech stack? SimpleNexus is up for the “tusk.”
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