Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2026

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Summary of MSRs Carried at Fair Value

Following is a summary of MSRs:


		Quarter ended March 31,
		2026				2025
		(in thousands)
Balance at beginning of quarter		$	3,644,702			$	3,867,394
MSRs resulting from loan sales			40,281				47,009
Transfers to Agency of mortgage servicing rights relating to delinquent loans			295				221
Changes in fair value:
Due to changes in inputs used in valuation model (1)			45,587				(55,831	)
Other changes in fair value (2)			(106,886	)			(88,759	)
			(61,299	)			(144,590	)
Balance at end of quarter		$	3,623,979			$	3,770,034

(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.


		March 31, 2026				December 31, 2025
		(in thousands)
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		$	3,560,828			$	3,582,211

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:


		Quarter ended March 31,
		2026				2025
		(in thousands)
Contractually specified servicing fees		$	147,592			$	152,199
Ancillary and other fees:
Late charges			1,071				1,027
Other			2,296				2,890
			3,367				3,917
		$	150,959			$	156,116
Average UPB of underlying loans		$	214,185,523			$	225,515,018