| Mortgage Servicing Rights |
Note 12—Mortgage Servicing Rights Following is a summary of MSRs:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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Balance at beginning of period |
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$ |
3,770,034 |
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$ |
3,951,737 |
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$ |
3,867,394 |
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$ |
3,919,107 |
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(Price adjustment) purchases |
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— |
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(13 |
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— |
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29,428 |
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MSRs resulting from loan sales |
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44,030 |
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40,619 |
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91,039 |
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71,868 |
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Transfers to Agency of mortgage servicing
rights relating to delinquent loans |
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170 |
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74 |
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391 |
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216 |
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Changes in fair value: |
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Due to changes in inputs used in valuation
model (1) |
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22,713 |
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46,039 |
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(33,118 |
) |
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117,609 |
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Other changes in fair value (2) |
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(97,841 |
) |
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(96,595 |
) |
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(186,600 |
) |
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(196,367 |
) |
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(75,128 |
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(50,556 |
) |
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(219,718 |
) |
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(78,758 |
) |
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Balance at end of period |
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$ |
3,739,106 |
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$ |
3,941,861 |
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$ |
3,739,106 |
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$ |
3,941,861 |
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June 30, 2025 |
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December 31, 2024 |
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(in thousands) |
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Fair value of mortgage servicing rights pledged to secure Assets
sold under agreements to repurchase and Notes payable
secured by credit risk transfer and mortgage servicing assets |
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$ |
3,677,782 |
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$ |
3,807,065 |
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(1)Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs. (2)Represents changes due to realization of expected cash flows. Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
Contractually specified servicing fees |
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$ |
153,111 |
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$ |
162,127 |
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$ |
305,310 |
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$ |
322,484 |
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Ancillary and other fees: |
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Late charges |
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1,036 |
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982 |
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2,063 |
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1,975 |
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Other |
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4,091 |
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1,833 |
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6,981 |
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3,851 |
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5,127 |
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2,815 |
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9,044 |
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5,826 |
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$ |
158,238 |
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$ |
164,942 |
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$ |
314,354 |
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$ |
328,310 |
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Average UPB of underlying loans |
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$ |
222,991,951 |
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$ |
229,124,554 |
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$ |
224,208,538 |
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$ |
229,767,433 |
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