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  • Alex Kim thinks this is interesting:

Both base and excess servicing (sometimes described as mortgage servicing rights or MSRs) can be capitalized and held by the servicer after the loan is funded. However, secondary markets exist for trading servicing, either in the form of raw mortgage servicing rights or interest-only securities created from excess servicing.


Cover of Mortgage-Backed Securities: Products, Structuring, and Analytical Techniques, 2nd Edition


not clear on the form of raw mortgage servicing