| Summary of MSRs Carried at Fair Value |
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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|
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|
2025 |
|
|
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 |
|
$ |
3,770,034 |
|
|
$ |
3,951,737 |
|
|
$ |
3,867,394 |
|
|
$ |
3,919,107 |
|
|
(Price adjustment) purchases |
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|
— |
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|
|
(13 |
) |
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— |
|
|
|
29,428 |
|
|
MSRs resulting from loan sales |
|
|
44,030 |
|
|
|
40,619 |
|
|
|
91,039 |
|
|
|
71,868 |
|
|
Transfers to Agency of mortgage servicing
rights relating to delinquent loans |
|
|
170 |
|
|
|
74 |
|
|
|
391 |
|
|
|
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 |
|
|
|
46,039 |
|
|
|
(33,118 |
) |
|
|
117,609 |
|
|
Other changes in fair value (2) |
|
|
(97,841 |
) |
|
|
(96,595 |
) |
|
|
(186,600 |
) |
|
|
(196,367 |
) |
|
|
|
|
(75,128 |
) |
|
|
(50,556 |
) |
|
|
(219,718 |
) |
|
|
(78,758 |
) |
|
Balance at end of period |
|
$ |
3,739,106 |
|
|
$ |
3,941,861 |
|
|
$ |
3,739,106 |
|
|
$ |
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 |
|
$ |
3,677,782 |
|
|
$ |
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.
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| Summary of Net Loan Servicing Fees Relating to MSRs |
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, |
|
|
Six months ended June 30, |
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|
|
|
2025 |
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|
2024 |
|
|
2025 |
|
|
2024 |
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|
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|
(in thousands) |
Contractually specified servicing fees |
|
$ |
153,111 |
|
|
$ |
162,127 |
|
|
$ |
305,310 |
|
|
$ |
322,484 |
|
|
Ancillary and other fees: |
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|
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|
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Late charges |
|
|
1,036 |
|
|
|
982 |
|
|
|
2,063 |
|
|
|
1,975 |
|
|
Other |
|
|
4,091 |
|
|
|
1,833 |
|
|
|
6,981 |
|
|
|
3,851 |
|
|
|
|
|
5,127 |
|
|
|
2,815 |
|
|
|
9,044 |
|
|
|
5,826 |
|
|
|
|
$ |
158,238 |
|
|
$ |
164,942 |
|
|
$ |
314,354 |
|
|
$ |
328,310 |
|
|
Average UPB of underlying loans |
|
$ |
222,991,951 |
|
|
$ |
229,124,554 |
|
|
$ |
224,208,538 |
|
|
$ |
229,767,433 |
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