v3.26.1
Mortgage Servicing Rights
 3 Months Ended
Mar. 31, 2026
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
We have investments in mortgage servicing rights (“MSRs”) that result from the sale of loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value.
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
March 31,
2026		December 31,
2025
Federal National Mortgage Association$2,697,849 $2,674,584 
Federal Home Loan Mortgage Corporation2,062,412 2,058,343 
Government National Mortgage Association1,429,930 1,420,376 
Federal Home Loan Bank164,512 121,476 
Other993 1,012 
Total$6,355,696 $6,275,791 
The activity of MSRs carried at fair value is as follows:
For the three months ended
March 31,
20262025
Balance, beginning of period$86,651 $84,258 
Additions:
Servicing resulting from transfers of financial assets4,271 2,653 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model1,350 (1,389)
Changes in fair value due to pay-offs, pay-downs, and runoff(3,279)(2,595)
Balance, end of period$88,993 $82,927 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
March 31,
2026		December 31,
2025		March 31,
2025
Discount rate9.72 %9.81 %10.14 %
Total prepayment speeds8.66 %9.04 %8.62 %
Cost of servicing each loan
$91/per loan
$91/per loan
$93/per loan
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table:
For the three months ended
March 31,
20262025
Servicing fees$4,698 $4,260 
Late and ancillary fees271 245 
Total$4,969 $4,505