| Presentation of Activity Related to MSR |
The following table presents activity related to MSR for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Mortgage Servicing Rights | Three Months Ended | | Six Months Ended | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | | (dollars in thousands) | | Fair value, beginning of period | $ | 4,115,999 | | | $ | 3,272,902 | | | $ | 3,645,865 | | | $ | 2,909,134 | | | | | | | | | | Purchases (1) | 112,320 | | | 39,369 | | | 636,671 | | | 436,031 | | | | | | | | | | | Sales | (82,011) | | | — | | | (82,011) | | | — | | | | | | | | | | | Change in fair value due to: | | | | | | | | Changes in valuation inputs or assumptions (2) | 20,229 | | | 28,464 | | | 28,166 | | | 41,232 | | | Other changes, including realization of expected cash flows | (77,052) | | | (59,545) | | | (139,206) | | | (105,207) | | | Fair value, end of period | $ | 4,089,485 | | | $ | 3,281,190 | | | $ | 4,089,485 | | | $ | 3,281,190 | | | | | | | | | | (1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates. |
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