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Principal Sees MSR Loss.(Principal Financial Group)(Mortgage Service Rights )(Brief Article)
Principal Financial Group, Des Moines, will write down the value of its residential servicing assets in the fourth quarter, reducing net income and operating earnings by $70 million to $110 million.
Principal's president of insurance and financial services, John Aschenbrenner, told Mortgage Servicing News that this marks the first time the company has taken an impairment charge that has not been offset by production gains.
He noted that in previous quarters - before refinancings and production slowed - the company was making so much money on originations that servicing writedowns did not affect the bottom line.
He also said the company decided to take an ...
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Source: HighBeam Research, Principal Sees MSR Loss.(Principal Financial Group)(Mortgage Service...