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The case involved unsolicited calls made by the lender over a five-year period beginning in late 2017 affecting more than 140,000 consumers.

The faltering bank's sale could work to quell any lingering unrest among depositors at other banks, according to analysts. "No one likes to see a bank fail, but it's good to have really the last remaining source of uncertainty resolved," said Citigroup CEO Jane Fraser.

Because the bank occupied a niche in serving ultra high-end consumers, experts question whether its receivership will make other depositories more reluctant to offer jumbo loans.

The neobank expects to turn a profit by the end of the year, but faces challenges as it copes with the government's pause on federal student loan repayment and with the difficulty of selling technology services to other businesses.

Jay Farner's compensation package was $9.46 million last year, almost five times larger than his yearly income in 2021.

The top five had a combined MSR volume of more than $28 billion at the end of Q4 2022.

The California Reinvestment Coalition, the group behind the assessment, is calling for increased nonbank oversight.

In an earnings call, the company said talks with depository institutions were already underway regarding potential residential loan sales.

First Republic Bank was shuttered by regulators early Monday, and all its deposits and most of its assets were acquired by JPMorgan. San Francisco-based First Republic was undone by low-rate mortgages it made to its wealthy customers as well as by the fallout from last month's banking crisis.

Bets are piling up on a wide range of trajectories for the Fed's path — with some expecting it to mount a major about-face as growth stalls and others hedging the risk it will tighten policy further as elevated inflation persists.