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Another MSR Hit?
As Yogi Berra once said, "It feels like deja vu all over again."According to the script, 2004 was supposed to be the year that interest rates started to gradually rise. Servicing values would stabilize and even start to increase. A market for trading of bulk portfolios of mortgage servicing rights seemed poised to resurface.
That was then. Now that the books are closed on the first quarter of the year, the industry is once again bracing itself for a wave of impairment charges against MSR values. Falling interest rates have rekindled refinancing activity. Loans are running off the book as quickly as last summer. That portfolio churning, and the expectation that borrowers who took out new loans just a few months ago may be on the cusp of refinancing, has driven down MSR values.
Moreover, as analysts at Sandler O'Neill recently pointed out, the timing of the recent rate dip, which seems to have reached its nadir in late March, was not good for mortgage servicers that rely on loan production gains to offset servicing writedowns. In many cases, they will have to report impairment to their portfolios for the first quarter, but gains from a surge of lending activity in March won't ...
- McGraw-Hill Construction Names Harvey Bernstein as Vice President of Industry...
- Press release article from: PR Newswire July 21, 2004 700+ words
...part of the McGraw-Hill Companies , today announced the appointment of Harvey Bernstein as vice president of Industry Analytics. In his new role, he will develop and implement the overall strategy for creating a new market research and...
- Thomson Financial Launches Thomson MarketView Service on Thomson ONE; Thomson...
- Press release article from: Business Wire June 21, 2004 700+ words
...the worldwide financial community, today announced the launch of Thomson MarketView which provides stock and industry analytics for enhanced investment selection. The service will be available on Thomson ONE, a flexible, open application...
- Industry Analytics Executive Joins ClickFox Team.
- Press release article from: PR Newswire March 31, 2008 700+ words
Continuously increasing business demand for Customer Experience Analytics attracts the industries top talent to ClickFox ATLANTA, March 31 /PRNewswire/ -- ClickFox, Inc., the leading provider of Customer Experience Analytics Solutions, is pleased to announce Shaun Lowry as the newest member of the
- Mortgage Servicing Values Appear to Be Poised for Increase.
- News wire article from: Mortgage Line Cornwell, Ted February 22, 2007 700+ words
...their attention to the MSR market. Servicing values have edged up despite the market turmoil...hand wringing" about year-end servicing values, he said. Since then, mortgage...Christo said that has helped out servicing values a fair amount. Should the 10-year...
- As Refis Surge, Servicing Values Crumble.
- Magazine article from: National Mortgage News Muolo, Paul August 12, 2002 700+ words
...was able to offset the decline in servicing values by hedging those receivables.) Countrywide...downside on the servicing side. Still, servicing values are being impacted, and some small...Mortgage analysts note that even though servicing values are being hit hard, that new ...
- Stability? Servicing Values Continue to Flirt With All-Time Lows.
- Magazine article from: Mortgage Servicing News May 1, 2003 700+ words
...6% mortgage coupon rates. But MIAC notes the index of servicing values continues to show "a downward oscillating trend over the...economists are right, the pressure might not come off of servicing values anytime soon. The Mortgage Bankers Association of America...
- Servicing Values Starting to Creep Up Along With Rates.
- News wire article from: Mortgage Line Cornwell, Ted August 13, 2007 700+ words
...mortgage servicing rights has moved off the front burner. In fact, with long-term rates creeping up in recent months, servicing values have started to firm up. And we've noticed a number of bulk servicing packages being brought to market in recent weeks...
- Servicing values. (Servicing).
- Magazine article from: Mortgage Banking Donatacci, Tom April 1, 2003 700+ words
...decreased escrow earnings and record origination volumes have had a temporary triple witching-hour effect on mortgage servicing values, leading to a weak market for servicing. The good news is these factors are temporary and are already priced into today...
