Still trying to unravel the after-effects of the October 1998 disaster and its ramifications for the residential MBS market, players from around the country converged on New York City last week for the third annual Fabozzi Residential Mortgage-Backed Securities Symposium to discuss possible pitfalls for the year ahead and analyze last year's turmoil.

One of the big concerns on every panelist's mind was the outlook for mortgage servicing. In light of the recent bankruptcies of mortgage servicers First Plus and United Companies Financial Corporation (UCFC), the role of the servicer for B&C companies-and an examination of what a servicer actually does-was discussed at great length.

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