Mortgage servicing rights are one of the most complex assets in the market, and one of the most misunderstood. 

What does it actually take to value and trade MSRs at scale?

Joe Furlong sits down with Mike Carnes, who leads the MSR team at MIAC, to break down how the MSR market really works. Mike's team handles over $52 trillion in annual MSR valuations across residential and commercial, and he's been doing this for 33 years. He walks through what drives MSR pricing today, why buyers are still chasing 2020–2021 originations at mid-six multiples, and where the market is heading.

• How interest rate swings create a natural hedge in MSR portfolios and why that matters for servicers watching their production volume drop
• Why a low note rate product (3% mortgages) can sit in your portfolio for 10–15 years, and what that means for cross-sell and recapture strategy
• The pending FASB change on recapture value, and why Mike calls it a game changer for transparency in fair value reporting
• Why non-QM and DSCR products are gaining serious attention from servicers and what makes the margins so attractive right now

The AiCR Exchange features conversations with leaders across mortgage and financial services on document workflows and technology decision-making.