As the American Securitization Forum comes to a close, the private-label side of the secondary market reached a clear consensus that mortgage servicing is, in fact, really important.
The other consensus is that mortgages are going to cost more. More for borrowers, more for originators, more for servicers — and ultimately less yield for investors.
This is somewhat of a breakthrough. Mortgage servicing remained largely ignored by the secondary side for so long, and this new desire to work together is indicative of transformation.