| Mortgage Servicing Rights |
Note 12—Mortgage Servicing Rights Following is a summary of MSRs:
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Quarter ended March 31, |
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2026 |
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2025 |
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(in thousands) |
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Balance at beginning of quarter |
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$ |
3,644,702 |
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|
$ |
3,867,394 |
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MSRs resulting from loan sales |
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|
40,281 |
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|
47,009 |
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Transfers to Agency of mortgage servicing rights relating to
delinquent loans |
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|
295 |
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|
221 |
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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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45,587 |
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(55,831 |
) |
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Other changes in fair value (2) |
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|
(106,886 |
) |
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(88,759 |
) |
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|
(61,299 |
) |
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(144,590 |
) |
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Balance at end of quarter |
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$ |
3,623,979 |
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|
$ |
3,770,034 |
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(1)Primarily reflects changes in prepayment speed, pricing spread or OAS, servicing cost, and UPB of underlying loan inputs. (2)Represents changes due to realization of expected cash flows.
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March 31, 2026 |
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December 31, 2025 |
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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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$ |
3,560,828 |
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$ |
3,582,211 |
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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 March 31, |
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2026 |
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2025 |
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(in thousands) |
Contractually specified servicing fees |
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$ |
147,592 |
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|
$ |
152,199 |
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Ancillary and other fees: |
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Late charges |
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|
1,071 |
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|
1,027 |
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Other |
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2,296 |
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|
2,890 |
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|
3,367 |
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|
3,917 |
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$ |
150,959 |
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$ |
156,116 |
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Average UPB of underlying loans |
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$ |
214,185,523 |
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$ |
225,515,018 |
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