v3.25.4
Mortgage Servicing Rights
 12 Months Ended
Dec. 31, 2025
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of December 31,:
20252024
Federal National Mortgage Association$2,674,584 $2,578,587 
Federal Home Loan Mortgage Corporation2,058,343 1,876,095 
Government National Mortgage Association1,420,376 1,259,513 
Federal Home Loan Bank121,476 98,582 
Other1,012 1,169 
Total$6,275,791 $5,813,946 
The activity of MSRs carried at fair value is as follows for the years ended December 31,:
202520242023
Balance, beginning of year$84,258 $76,701 $74,097 
Additions:
Servicing resulting from transfers of financial assets14,584 12,271 9,253 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model(1,760)3,707 30 
Changes in fair value due to pay-offs, pay-downs, and runoff(10,431)(8,421)(6,679)
Balance, end of year$86,651 $84,258 $76,701 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of December 31,:
202520242023
Discount rate9.81 %10.09 %10.06 %
Total prepayment speeds9.04 %7.90 %7.79 %
Cost of servicing each loan
$91/per loan
$92/per loan
$90/per loan
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table for the years ended December 31,:
202520242023
Servicing fees$17,731 $16,074 $14,913 
Late and ancillary fees936 899 761 
Total$18,667 $16,973 $15,674