$363B of MSRs May Change Hands.(Mortgage servicing rights)(ABN AMRO Mortgage Group Inc.)(Option One Mortgage Corp.)

WASHINGTON -- Merger activity is once again picking up steam as mortgage bankers weigh their options in an increasingly difficult operating environment.

According to calculations made by Mortgage Servicing News, some $363 billion in servicing rights could change hands in the next six months. The product is housed at several companies that are either for sale, or about to be sold.

The largest deal of the year could turn out to be the disposition of ABN Mortgage, Ann Arbor, Mich., the nation's eighth largest servicer with $219 billion in housing receivables on its books.

According to investment bankers and other industry executives, Dutch bank ABN Amro Holding NV is contemplating selling its once storied U.S. mortgage operation.

Meanwhile, H&R Block is weighing offers for Option One Mortgage Corp., Irvine, Calif., one of the nation's largest subprime lenders and servicers. OOMC ranks fourth among B&C servicers with $74 billion in servicing rights on its books, according to figures compiled by the Quarterly Data Report, and Mortgage Servicing News.

If H&RB cannot sell OOMC, it might consider spinning it off through the public markets. (A few years back H&RB contemplated selling the unit, but then changed it's mind.)

As for ABN Amro Mortgage, a spokesman declined to discuss the matter, citing a company policy not to comment on "rumors and speculation."