v3.26.1
Mortgage Servicing (Tables)
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Product and Geographic Concentration
Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):
June 30, 2026
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$24,419,734 66 %New York14 %
Freddie Mac7,672,121 21 %Texas10 %
Private Label2,477,077 7 %North Carolina8 %
FHA1,585,871 4 %California7 %
Bridge (2)277,333 1 %Florida7 %
SFR - Fixed Rate272,226 1 %New Jersey6 %
Total$36,704,362 100 %Georgia5 %
Other (3)43 %
Total100 %
December 31, 2025
Fannie Mae$24,085,960 66 %New York13 %
Freddie Mac7,455,088 21 %Texas10 %
Private Label2,558,048 7 %North Carolina8 %
FHA1,549,483 4 %California7 %
Bridge (2)277,738 1 %Florida7 %
SFR - Fixed Rate277,490 1 %Georgia5 %
Total$36,203,807 100 %New Jersey5 %
Illinois4 %
Other (3)41 %
Total100 %
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(1)Excludes loans which we are not collecting a servicing fee.
(2)Represents bridge loans sold by our Structured Business that we are servicing.
(3)No other individual state represented 4% or more of the total.
Schedule of Components of Servicing Revenue, Net
The components of servicing revenue, net are as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Servicing fees$33,596 $32,887 $67,543 $65,430 
Interest earned on escrows10,585 13,512 20,804 26,402 
Prepayment fees791 863 1,705 1,897 
Write-offs and payoffs of MSRs(2,846)(2,058)(3,893)(5,164)
Amortization of MSRs(18,247)(17,767)(36,540)(35,525)
Servicing revenue, net$23,879 $27,437 $49,619 $53,040