Hibernia Cites MSR Volatility in Decision to Quit Third-Party Mortgage Servicing Business Hibernia announced that it is quitting the third-party mortgage servicing business because of the volatile impact of the MSR asset on the bank’s earnings. Like other lenders, Hibernia’s mortgage banking income has ricocheted across both sides of the profitability bottom line in recent years, largely as a result of heavy MSR amortization and impairment expenses. The company reported $30.2 million in mortgage banking revenue for