v3.26.1
Servicing Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Servicing Assets at Fair Value
The following table summarizes activity related to the Company’s MSR portfolio for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Balance at beginning of period$2,380,983 $2,959,773 $2,421,910 $2,994,271 
Additions from purchases of mortgage servicing rights
1,717 91,356 2,648 92,849 
Additions from sales of mortgage loans863 408 1,532 638 
Changes in fair value due to:
Changes in valuation inputs or assumptions used in the valuation model
9,569 27,357 13,935 43,373 
Other changes in fair value (1)
(56,808)(63,251)(105,183)(115,488)
Other changes (2)
— — 1,482 — 
Balance at end of period (3)
$2,336,324 $3,015,643 $2,336,324 $3,015,643 
____________________
(1)Primarily represents changes due to the realization of cash flows.
(2)For the six months ended June 30, 2026, other changes includes sales price adjustments associated with prior period MSR sales.
(3)Based on the prior month-end’s principal balance of the loans underlying the Company’s MSR, increased for current month purchases.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
As of June 30, 2026 and December 31, 2025, the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows:
(dollars in thousands, except per loan data)June 30,
2026		December 31,
2025
Weighted average prepayment speed:6.4 %6.8 %
Impact on fair value of 10% adverse change$(44,869)$(51,264)
Impact on fair value of 20% adverse change$(87,459)$(99,777)
Weighted average delinquency:0.8 %0.9 %
Impact on fair value of 10% adverse change$(904)$(1,078)
Impact on fair value of 20% adverse change$(1,844)$(2,170)
Weighted average option-adjusted spread:5.3 %5.2 %
Impact on fair value of 10% adverse change$(57,220)$(59,737)
Impact on fair value of 20% adverse change$(111,787)$(116,694)
Weighted average per loan annual cost to service:$65.03 $65.03 
Impact on fair value of 10% adverse change$(29,449)$(30,898)
Impact on fair value of 20% adverse change$(58,899)$(61,797)
Schedule of Servicing Revenue The following table presents the components of servicing income recorded on the Company’s consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2026202520262025
Servicing fee income$102,311 $124,409 $207,273 $250,580 
Ancillary and other fee income4,552 5,201 9,357 10,295 
Float income22,207 28,744 42,583 54,338 
Total$129,070 $158,354 $259,213 $315,213 
Schedule of Total Serviced Mortgage Assets The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
(dollars in thousands)Number of LoansUnpaid Principal BalanceNumber of LoansUnpaid Principal Balance
Mortgage servicing rights655,023 $155,106,720 675,215 $162,450,487 
Subservicing
184,963 40,834,058 178,356 40,492,124 
Servicing administrator
495 258,559 514 272,820 
Mortgage loans held-for-sale
56 12,542 38 13,336 
Total serviced mortgage assets840,537 $196,211,879 854,123 $203,228,767