The nation’s four largest residential servicers – with the exception of Wells Fargo – took large writedowns on the asset value of their residential servicing portfolios in the first quarter, according to an analysis done by ASR sister publication National Mortgage News (NMN).

Citigroup, the nation’s fourth largest servicer, led the pack, marking down the asset value of its MSRs by 27% to $4.69 billion. (The comparison is to the same period a year earlier.)

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