Bayview said in a filing that in conjunction with the affiliate it is "engaging in friendly preliminary discussions" with Guild "regarding a broader commercial relationship and potential corporate transaction. One possible outcome is "the acquisition of all the common stock."

The proposed transaction could be part of a broader trend toward increased convergence between lenders and servicers epitomized by Rocket Mortgage's plans to buy servicing giant Mr. Cooper. 

But while Mr. Cooper and Rocket have formally signed an acquisition agreement, Bayview, its servicing affiliate and Guild Holdings said there is no guarantee they will reach a deal.

Other potential transactions Bayview and Guild said they have discussed include "asset purchases or other business combinations." The two also said "a significant minority investment" is possible.

Bayview currently holds a 7.3% stake in Guild's class A common stock. It has less than 1% of the total voting power of Guild's outstanding common shares.

Guild said in a statement confirming core details of the securities filing by Bayview and its MSR Opportunity Master Fund that it "will not comment on speculation regarding any potential transaction or its terms."

Given the current composition of the market and rate conditions, some lenders perceive servicing as essential to retaining customers and generating new loans, which may be driving some of the deals between companies with servicing affiliates and lenders.

But while some lenders perceive mortgage servicing rights as valuable to retain in a market where many outstanding borrowers got low-rate mortgages during the pandemic housing boom and are reluctant to abandon them for new ones, others have reasons to sell MSRs.

Some mortgage-related companies operating in the current market have been selling MSRs to raise cash. Others also have been selling servicing recently because they perceive the direction of rates and credit quality, which hold risks as well as opportunities for servicers, as uncertain.