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Regulators Scrutinize MSA Values.(mortgage servicing assets )
The incredible runoff rate for residential servicing rights has prompted federal banking regulators to step up their examinations of large depository-owned mortgage banking shops.
Bank examiners want to make sure banks are properly valuing mortgage servicing assets (MSAs), recognizing impairment and adequately hedging their servicing portfolios.
Commercial banks and thrifts are the largest residential servicers in the nation, according to figures compiled by this newspaper.
At the end of the fourth quarter, Washington Mutual, Seattle, a thrift, ranked first in the nation with a servicing market share of 11.47%. Wells Fargo's mortgage unit ranked second with a 9.05% share. (Wells is a commercial bank.)
Over the past five years, both WaMu and Wells have been major buyers of other mortgage banking franchises. These purchases include the acquisition of servicing rights or "housing-related" receivables.
An interagency advisory drafted by the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Federal Reserve and the Office of Thrift Supervision, asks that depositories use market-based assumptions that are "reasonable and ...
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- Magazine article from: ABA Banking Journal Oliver, Geoffrey A. April 1, 1996 700+ words
...standards for mortgage servicing rights will have mortgage...value of mortgage servicing rights. As the differences...the sale of certain servicing assets. A reckoning is...performance of their servicing rights to the performance...
- LOAN AMERICA REPORTS RECORD OPERATING RESULTS AND MORTGAGE PRODUCTION PRIOR TO...
- Press release article from: PR Newswire February 23, 1994 700+ words
...of $5 million to servicing assets which is not anticipated...America's mortgage servicing assets, and produced the...against our capitalized servicing rights. Throughout 1993...scheduled amortization of servicing assets, but additional...
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- Magazine article from: Mortgage Servicing News Cornwell, Ted February 1, 2000 700+ words
...value of mortgage servicing rights on their balance...commercial banks. Because servicing rights are a small portion...originated mortgage servicing rights on their balance...that do report their servicing assets has increased, the...
- Fair-value option to account for financial asset-servicing rights: constituents...
- Magazine article from: Bank Accounting & Finance Cheng, Kang February 1, 2006 700+ words
...financial asset-servicing rights or obligations at...Background on Asset-Servicing Rights Initially, the reconsideration...accounting for mortgage-servicing rights was part of the FASB...the financial and servicing assets it controls and the...
- Bankers rejoice over new servicing rights standard.(as Financial Accounting...
- Magazine article from: Accounting Today Cheney, Glenn Alan April 17, 2006 700+ words
...accounting for servicing assets and liabilities...market the servicing rights for which...attributed to servicing assets resulted in...recognized servicing assets and servicing...recognized servicing rights, without...
- Banco Popular To Acquire R-G Mortgage Servicing Rights For About $34 Million.
- News wire article from: The America's Intelligence Wire September 18, 2008 700+ words
...Acquire R-G Mortgage Servicing Rights For About $34 Million...party mortgage servicing rights from R-G Mortgage...sold the loan and servicing assets of its U.S. mortgage...the third-party servicing rights serve a mortgage...
- Hedging: Why Does a Big Originator Hedge its Servicing Rights?(Brief Article)
- Magazine article from: Mortgage Servicing News October 1, 2002 700+ words
...protect its mortgage servicing rights from impairment...impairment to its servicing rights. When yields decline...impairment loss to its servicing assets during the third...reported having mortgage servicing rights worth about $100...
- MICHIGAN NATIONAL RECOGNIZES SIGNIFICANT DEVALUATION OF MORTGAGE SERVICING...
- Press release article from: PR Newswire April 20, 1993 700+ words
...devaluation of its mortgage servicing assets, the corporation reported...carrying value of its mortgage servicing assets through accelerated amortization...value of purchased mortgage servicing rights (PMSR) and excess service...
- Hibernia Takes an MSR Hit; But Doesn't Stumble on Earnings.(mortgage servicing...
- Magazine article from: Mortgage Servicing News November 1, 2002 700+ words
...million "provision for the temporary impairment of mortgage servicing rights" and an additional $1.4 million loss of securities...increased its reserve for temporary impairment of mortgage-servicing assets to $30.5 million. I also want to point out that, at...
- Fishing for servicing value: even though rampant prepayments have recently...
- Magazine article from: Mortgage Banking Healy, Tom June 1, 2003 700+ words
...many grizzled industry participants--to conclude that servicing rights represent more yin than yang. * Yet, according to National...servicers are projected to own as much as 8o percent of servicing assets by 2009, according to Doug Duncan, chief economist for...
Source: HighBeam Research, Regulators Scrutinize MSA Values.(mortgage servicing assets )