v3.26.1
Mortgage Servicing (Tables)
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Schedule of Activity Related to MSRs - Fair Value Measurement Method
The following table presents the composition of our MSR portfolio:
MSR UPB and Fair Value
March 31, 2026December 31, 2025
Fair Value
UPB ($ billions)
Fair Value
UPB ($ billions)
Owned MSRs (1)
$2,479.3 $162.9 $2,244.3 $152.5 
Transferred MSR, subject to Pledged MSR liability (2) (3)
546.6 37.2 581.0 38.6 
Total MSRs$3,025.9 $200.1 $2,825.3 $191.1 
(1)Includes $343.0 million and $373.5 million fair value of MSRs related to ESS financing liabilities at March 31, 2026 and December 31, 2025, respectively.
(2)MSRs subject to sale or transfer agreements that do not meet sale accounting criteria. See Note 8 — MSR Related Financing Liabilities, at Fair Value.
(3)Includes $84.2 million fair value and $6.9 billion UPB related to Rithm at March 31, 2026 subject to termination notice - refer to Note 8 — MSR Related Financing Liabilities, at Fair Value.
The following table presents the composition of our MSR portfolio by investor:
MSR UPB and Fair Value
March 31, 2026December 31, 2025
Fair Value
UPB ($ billions)
Fair Value
UPB ($ billions)
GSE
$2,230.5 $150.9 $2,089.2 $143.5 
Ginnie Mae
604.9 31.8 528.6 28.1 
Non-Agency
190.5 17.3 207.4 19.5 
Total MSRs$3,025.9 $200.1 $2,825.3 $191.1 
The following table summarizes the delinquency status of loans underlying our MSRs:
March 31, 2026December 31, 2025
Delinquent loansGSE
Ginnie Mae
Non - AgencyTotalGSE
Ginnie Mae
Non - AgencyTotal
30 days0.9 %4.1 %7.8 %2.5 %1.0 %4.9 %8.5 %2.9 %
60 days0.3 1.4 2.7 0.8 0.3 1.7 2.9 1.0 
90 days or more0.4 3.6 5.9 1.8 0.4 3.4 6.1 1.9 
Total 30-60-90 days or more1.6 %9.2 %16.4 %5.1 %1.7 %9.9 %17.5 %5.7 %
The following table summarizes the activity of our MSRs:

Mortgage Servicing Rights – At Fair Value
Three Months Ended March 31,
20262025
Beginning balance$2,825.3 $2,466.3 
Sales (3)
(20.6)0.1 
Additions:
Recognized on the sale of residential mortgage loans104.8 60.5 
Purchases of MSRs
193.5 98.3 
Servicing transfers and adjustments (1)
(17.2)— 
Net additions (sales)260.4 158.9 
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions 12.3 (19.6)
Realization of cash flows (2)
(72.1)(58.2)
Fair value gains (losses) recognized in earnings(59.8)(77.8)
Ending balance$3,025.9 $2,547.4 
(1)On March 1, 2026, we derecognized a portion of the Rithm Pledged MSR liability with a UPB of $1.2 billion associated with Rithm servicing agreements for which MSR sale accounting criteria were met. See Note 8 — MSR Related Financing Liabilities, at Fair Value.
(2)Realization of expected cash flows and passage of time.
(3)On January 5, 2026 we completed a sale of certain owned MSRs, with subservicing retained with a UPB of $1.3 billion. The sale proceeds were used to settle the related outstanding ESS financing liability. Refer to Note 8 — MSR Related Financing Liabilities, at Fair Value.
Schedule of Components of Servicing and Subservicing Fees
The following table summarizes the components of our servicing and subservicing fee revenue:
Servicing RevenueThree Months Ended March 31,
20262025
Loan servicing and subservicing fees
Servicing fee on owned MSR
$117.1 $97.6 
Servicing fee on transferred MSR (1)
31.9 32.4 
Servicing fees
148.9 129.9 
Subservicing fees
26.0 26.1 
174.9 156.0 
Ancillary income
Custodial accounts (float earnings)30.1 27.1 
Late charges9.9 9.7 
Reverse subservicing ancillary fees2.1 3.8 
Other
5.5 6.6 
47.5 47.3 
Total Servicing and subservicing fees$222.4 $203.3 
Owned MSR and Subservicing
$186.1 $167.4 
Transferred MSR (1) (2)
36.3 35.9 
(1)Servicing fees collected on behalf of, and remitted to, respective parties related to transferred MSRs that do not achieve sale accounting. Remittances are reported within Pledged MSR liability expense. See Note 8 — MSR Related Financing Liabilities, at Fair Value.
(2)Includes $4.5 million and $3.5 million for the three months ended March 31, 2026 and 2025, respectively, of ancillary income associated with transferred MSRs that do not achieve sale accounting, and is subject to remittances reported within Pledged MSR liability expense.