The mortgage field services industry is entering yet another period of instability, driven not by seasonal cycles or macroeconomic trends, but by the rapid consolidation of the firms that control mortgage servicing rights, or MSRs. These MSRs are the backbone of the industry’s revenue flow, determining who collects payments, who enforces compliance, and, critically, who dictates the preservation and inspection work orders that flow down to Labor. In recent months, large-scale sales of MSRs have become a common headline, with billions in rights changing hands among the . . .
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