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"When the market changes, you can never cut your expenses fast enough so some lenders are relying on the sale of mortgage servicing rights to raise cash," says Ron Bergum, CEO of Prospect Mortgage.

Mortgage Lenders Sell Cash-Cow Servicing Rights to Survive

After slogging through several quarters of high expenses and shrinking profits, some lenders are now selling mortgage servicing rights to raise cash to cover payroll and expenses, industry sources say.

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