Loan Sales

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Note 5—Loan Sales

The following table summarizes cash flows between the Company and transferees in transfers of loans that are accounted for as sales where the Company maintains continuing involvement with the loans:


		Quarter ended March 31,
		2026		2025
	(in thousands)
Cash flows:
Proceeds from sales		$	2,217,203	$	2,613,958
Loan servicing fees received		$	139,903	$	152,199

The following table summarizes for the dates presented collection status information for loans that are accounted for as sales where the Company maintains continuing involvement:


	March 31, 2026		December 31, 2025
	(in thousands)
Unpaid principal balance of loans outstanding	$	209,060,378	$	212,581,934
Collection status (Unpaid principal balance)
Delinquency:
30-89 days delinquent	$	2,270,470	$	2,583,158
90 or more days delinquent:
Not in foreclosure	$	1,002,603	$	1,025,111
In foreclosure	$	139,000	$	118,503
Bankruptcy	$	358,030	$	351,890

Custodial funds managed by the Company (1)	$	3,125,553	$	2,758,142

(1)

Custodial funds represent borrower and investor custodial cash accounts relating to loans serviced under mortgage servicing agreements and are not included on the Company’s consolidated balance sheets. The Company earns placement fees on certain of the custodial funds it manages on behalf of the loans’ borrowers and investors, and these fees are included in Interest income in the Company’s consolidated statements of operations.