The Mortgage Bankers Associations said it has created a new task force to study the issue of mortgage servicing rights and make recommendations about the future of the business.
In early January the trade group said it will hold a one-day summit in Washington to "take a comprehensive look at the current state and ongoing evolution of residential mortgage servicing and make recommendations for the future."
As reported by National Mortgage News, upcoming Basel III rules cap how much the MSR asset can count toward a depository's capital base. The multi-year phase-in sets a ceiling of 10%. Currently the cap is 100% of capital.
Some mortgage executives believe the MSR asset will lose value and there's a fear in the industry that some players may reduce or exit the servicing business. But it also means that nonbanks may step up as bottom fishers of the MSR asset.
MBA named 25 industry executives to its panel. Debra Still, an executive at Pulte Mortgage LLC, will chair the group.
The January summit will be open to industry executives, policy makers, consumer advocates, economists, and academics.
