From the Document: "After a single-family mortgage has been originated, a 'mortgage servicer' receives a fee to perform various administrative tasks--collecting and remitting the principal and interest payments to the mortgage lender; managing the borrower's escrow account; processing the loan title once paid in full; and administering loss mitigation (e.g., forbearance plans) or foreclosure resolution on behalf of the lender if the borrower falls behind or fails to make full payment. Just as a mortgage is an asset for a lender, the right to earn income for servicing a mortgage is an asset for the mortgage servicer. A 'mortgage servicing' right (MSR) generates a servicing fee averaging 25 basis points (0.25% or $250 per $100,000 of an outstanding mortgage balance) per month. This Insight describes the MSR market and pre- and post-COVID-19 (Coronavirus Disease 2019) market developments."
CRS Insight, IN11377
Congressional Research Service: https://crsreports.congress.gov/