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New marginal capital requirements are "pretty steep. The concern over the long run is that it becomes a barrier to a servicer's ability to grow," said Pete Mills with the MBA.
New servicing standards issued by the FHFA are unlikely to pose a hurdle for the biggest nonbank players in the market, but small servicers could find it more challenging.
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Some MSR holders are considering bringing their servicing in-house to gain more direct control over their assets, said David Fleig, CEO of MorVest Capital.
Mortgage bankers facing new demands on their businesses are becoming increasingly interested in new sources of liquidity, particularly through mortgage servicing rights financing vehicles.
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