In accordance with Generally Accepted Accounting Practices (FAS 122, as amended by FAS 125, affected by FAS 133 and 140, etc.), you are required to book MSRs into income at the time they are created.  Servicing rights don't exist until a loan is sold.  It is the sale of the loan that creates the existence of MSRs.  When the loan is sold, the servicing rights are either sold with it, which generates income offset by cash, or retained, which generates income offset by a debit to assets in the form of capitalized MSRs.  The amount of income recognized on the sale of the MSRs should be the Fair Market Value of the MSRs.  This can be determined by a periodic third-party evaluation, or by simply looking at the price paid for MSRs by correspondent lenders, although this second method can be tricky because you don't know exactly how many basis points of servicing strip are being created by the correspondent lender's pricing, and also because correspondents will sometimes exchange pricing considerations for SRP valuations.  Today, the market seems to be at a 4 to 4.5 multiple on 30-year conforming fixed, and a little lower for 15-year and 20-year terms.

I hope that this has been responsive to your question.  

We just received a bid on the sale of some seasoned loans and were offered 56 bp for servicing.