The settlement agreement did not prohibit Schneider and Rotella from further participation in the banking industry, though Schneider said he opted to go with a nonbank because the largest servicers are scaling back. Though mortgage servicing is still concentrated in the hands of Bank of America (BAC), Wells Fargo (WFC) and JPMorgan Chase (JPM), banks are actively selling off mortgage servicing rights to nonbanks in part because of Basel III requirements.