They were paid a fee for selling the mortgage on, and another fee for servicing (collecting the loan payments), and even got additional fees if they had to foreclose.

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He wants to forge a joint venture with the mortgage firm, perhaps outsourcing some loan-servicing functions to Countrywide and also tapping its considerable expertise in the home loan sector.

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Also, like the big mortgage issuers on the mainland, he has a habit of booking paper gains on the servicing portfolio: As soon as a loan is closed, he books as income the value of the right to service it.

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This is a modest outlay by comparison with the past cost of servicing a loan.

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So the immediate cost of servicing a standard repayment loan has become much more bearable.

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The Cayman Islands company, Home Loan Servicing Solutions Ltd.

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