PHH Corp., Mt. Laurel, N.J., could write up the value of its mortgage servicing rights by between $125 million and $175 million for 4Q10, an earnings preview report from FBR Capital Markets predicted.

On a per share basis, that equates to between $1.35 and $1.89. PHH has said in the past that every 10 basis point increase in mortgage interest rates drives appreciation in its MSRs of approximately $40 million.

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