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MSRs Force Mystic To Revise Earnings.(mortgage servicing rights)(Brief Article)
Mystic Financial, the holding company for Medford Co-operative Bank, said its was adjusting quarterly net income for the last four quarters to reflect "capitalization of the value of mortgage servicing rights."
Mystic said the adjustment means that net income will increase for the first three quarters affected by the restatement, while it will decrease for the quarter ended June 30, 2003. However, Mystic said that the adjustment will not affect its net income for the fiscal year that ended June 30, ...
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Source: HighBeam Research, MSRs Force Mystic To Revise Earnings.(mortgage servicing...