The following table presents the composition of servicing advances by type: | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | Principal and interest | $ | 145.2 | | | $ | 150.1 | | | Taxes and insurance | 253.6 | | | 314.2 | | Foreclosures, bankruptcy, REO and other (1) | 122.7 | | | 120.3 | | | Total advances, before allowance for losses | 521.5 | | | 584.6 | | | Allowance for losses | (7.5) | | | (7.4) | | | Advances, net | $ | 514.0 | | | $ | 577.2 | |
(1) No state represented a balance exceeding 5% of the total advances (based on the underlying property location of the related mortgage loans), except for the state of New York with $31.2 million. The following table presents the composition of servicing advances by investor: | | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | GSE | $ | 64.6 | | | $ | 94.0 | | Ginnie Mae | 63.1 | | | 70.6 | | Non-Agency | 386.3 | | | 412.6 | | | Advances, net | $ | 514.0 | | | $ | 577.2 | |
The following table summarizes the activity in net advances: | | | | | | | | | | | | | | | | | Three Months Ended March 31, | | | | | 2025 | | 2024 | | | | | | Beginning balance - before Allowance for Losses | $ | 584.6 | | | $ | 686.1 | | | | | | | | | | | | | | | | | | | | | | | New advances | 200.0 | | | 199.4 | | | | | | Transfer from (to) Receivables | 0.4 | | | 2.9 | | | | | | | | | | | | | | Transfer from (to) REO | 0.7 | | | — | | | | | | | Sales of advances | (0.3) | | | (1.0) | | | | | | | Acquisition of advances in connection with the purchase of MSRs | 2.5 | | | — | | | | | | Transfer to Loans held for sale (incl. capitalization upon Ginnie Mae modifications) | (4.8) | | | (2.1) | | | | | | | Collections of advances and other | (261.4) | | | (274.7) | | | | | | | | | | | | | | | | | | | | | | | Ending balance - before Allowance for Losses | 521.5 | | | 610.5 | | | | | | | | | | | | | | | Beginning balance - Allowance for Losses | (7.4) | | | $ | (7.3) | | | | | | | Provision expense | (2.1) | | | (2.9) | | | | | | | Net charge-offs and other | 2.0 | | | 2.5 | | | | | | | Ending balance - Allowance for Losses | (7.5) | | | (7.7) | | | | | | | | | | | | | | | Ending balance, net | $ | 514.0 | | | $ | 602.7 | | | | | |
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