Roughly $2 trillion in residential servicing rights might be sold or transferred to subservicers between now and the implementation of the Basel III accords in 2015, according to a new report from Stern Agee.“While the servicers we follow pursue relatively different business models, this appears to be a 30% pretax, net margin business,” wrote company analysts Henry Coffey, Jason Weaver, and Calvin Hotrum in their report.

Among other things, Basel III caps how much MSRs can count toward core capital at depositories.  

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