You've got that backwards, logically speaking.
A cake without icing is still a cake, but icing alone isn't a thing, no one serves their guests a plate of icing.
Since we know wmih has provable value, and is reflected in its ever changing pps, it has got to be the cake. The escrows however are not proven yet whether they will ever even make an appearance, we're just hoping they do. Therefore, logically the escrows are the icing.
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