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There are a lot of topics being covered here at the MBA’s IMB conference. One of them is hedging, and if you want a primer on how lenders are protecting themselves from interest rate risk, here you go. Yesterday the MBA’s Marina Walsh observed what lenders are doing now to survive. In no order: reducing the cost of sales, revisiting existing office leases, taking advantage of predictive analytics, critically examining their business lines, ramping up new products or looking at geographic expansion, retaining servicing, further staffing adjustments, and reducing middle management. Take your pick, or do them all, but every lender is doing something as the days of raising margins to slow volume are long gone. In fact, many lenders who have retained servicing are selling it to maintain their cash flows, despite servicing income being a huge part of whatever profits were to be had in 2022. The mortgage servicing rights (MSR) market has opened 2023 with billions of dollars on t