Thanks to last week’s “Brexit” vote in the U.K. interest rates in the U.S. are tumbling again, reaching new lows for the year. In turn, lenders are celebrating the increased flow of applications while the servicing side of their businesses prepares for the worst. For servicers – especially publicly traded companies – there is a palpable fear of deep mortgage servicing rights markdowns that almost certainly will affect second-quarter results. And the timing couldn’t be worse: the rate drop comes with no room left for recovery. The second quarter has ended. Over the past year, several publicly traded mortgage firms – Ocwen, PHH Corp., Stonegate Mortgage and Walter Investment Management Corp., to name a few – have been...