The swift rise of Russian RMBS has been a shot in the arm for servicing in the country. Leading banks are turning what was once an unsophisticated and highly personalized business model into an industry with the nimble technology and developed systems prevalent in the U.S. and Western Europe.

But vestiges of the old approach linger in some areas. Well-defined roles of servicers, for example, are lacking. And the market is still predominantly one where mortgage originators service their own portfolios.

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