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Ohio Bank Slashes Its Mortgage Servicing Values.(Metropolitan Financial Corp.)(Brief Article)
Metropolitan Financial Corp., parent of Metropolitan Bank and Trust Co., expects to reduce the value of its mortgage servicing rights by almost $9 million, saying its prepayment speed assumptions were flawed.
The company said its assumptions used internally to estimate the market value of its MSRs during the 18-month period ending June 30, 2002, overstated the value of the asset. The company believes it overstated the value of its MSRs by "approximately $5 million" as of June 30, and ...
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