ALLOWANCE FOR RISK-SHARING OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2026

ALLOWANCE FOR RISK-SHARING OBLIGATIONS

Summary of Allowance for Risk-Sharing Obligations


		As of and for the three months ended						As of and for the six months ended
		June 30,						June 30,
Roll Forward of Allowance for Risk-Sharing Obligations (in thousands)	* *	2026			2025			2026			2025
Beginning balance		$	38,673		$	31,871		$	37,546		$	28,159
Provision (benefit) for risk-sharing obligations			10,408			1,320			12,026			5,032
Write-offs			—			—			(491)			—
Ending balance		$	49,081		$	33,191		$	49,081		$	33,191

Schedule of CECL Allowance Calculation Inputs, Details, and Provision Impact


		2026
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Total
Forecast-period loss rate (in basis points)		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	68.9	$	69.5		N/A
CECL allowance (in millions)	$	25.4	$	25.4		N/A
Provision (benefit) for CECL allowance (in millions)	$	0.4	$	—	$	0.4


		2025
CECL Allowance Calculation Inputs, Details, and Provision Impact		Q1		Q2		Total
Forecast-period loss rate (in basis points)		2.1		2.1		N/A
Reversion-period loss rate (in basis points)		1.2		1.2		N/A
Historical loss rate (in basis points)		0.3		0.3		N/A
At-risk Fannie Mae servicing portfolio UPB (in billions)	$	63.6	$	64.7		N/A
CECL allowance (in millions)	$	24.4	$	24.6		N/A
Provision (benefit) for CECL allowance (in millions)	$	0.2	$	0.2	$	0.4