With fewer loan set-ups and payoffs compared with the previous two years, mortgage-servicing costs decreased and servicing productivity improved in 2004, according to the results of the 2005 Cost of Servicing Study conducted by the Mortgage Bankers Association. "Now in its seventh year of publication, this detailed operations study is a collaborative effort between MBA and its membership," said Marina Walsh, MBA's director of Industry Analysis - Research Department. "Thanks to this collaboration, study participation levels have improved over the years. In the 2005 study, participating companies represented approximately 57 percent of the total U.S. servicing market." Among the study highlights: Weighted average direct servicing costs (including foreclosure and REO, or real estate owned, un-reimbursed expense) dropped to $80 per loan in 2004 from $91 per loan in 2003. Loan servicing productivity improved to 1,188 loans serviced per servicing employee in 2004 from 1,043 loan...
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