It's no secret that nontraditional players have been gobbling up mortgage servicing rights on the cheap, shifting the power structure in a business that has rapidly seen its fortunes wane during the nation's housing depression.

Firms both new and old with names like American Home Mortgage Servicing Inc. (AHSHI), Green Tree Servicing, Nationstar, Ocwen Financial, and Seterus combined have bought upwards of $300 billion of MSRs the past four years, hoping to find gold in the high touch servicing sector. (Some of these deals are subservicing arrangements where they share in the servicing strip.)

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