How About a 'Dump Your Servicer' Movement?

By now you've read all the stories about those protesting lefties from the 'Occupy Wall Street' movement who are encouraging their followers to move their savings and checking accounts from megabanks like B of A, JPM and Wells to more consumer friendly organizations such as a credit union. Of course, if you're really mad about the big banks and the residential crisis you'd move your mortgage servicing account – but of course many borrowers cannot. Servicing is not a portable commodity – and since the processing of MSRs is concentrated in the hands of so few even if you refinance with a new servicer it's possible that your MSR contract might get sold back to the same firm you just left. How do you break up the servicing cartel? Answer: Deconsolidation, which appears to be happening right now – and without a government mandate. On a personal note, I've had the same servicer for 20 years and the company is really good.