| Summary of Mortgage Servicing Rights |
The following table summarizes changes in the MSR assets for the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Fair value, beginning of period | $ | 4,591,855 | | | $ | 3,321,457 | | | $ | 4,073,781 | | | $ | 3,969,881 | | | | | Capitalization of MSRs | 1,041,838 | | | 901,271 | | | 2,142,855 | | | 1,636,842 | | | | | MSR and excess servicing sales | (218,673) | | | (684,105) | | | (822,996) | | | (1,694,230) | | | | | Changes in fair value: | | | | | | | | | | | Due to changes in valuation inputs and assumptions | 65,056 | | | 3,154 | | | 312,953 | | | (247,667) | | | | | Due to collection/realization of cash flows and other | (168,611) | | | (96,582) | | | (395,128) | | | (219,631) | | | | | | | | | | | | | | | Fair value, end of period | $ | 5,311,465 | | | $ | 3,445,195 | | | $ | 5,311,465 | | | $ | 3,445,195 | | | |
The following is a summary of the components of the total change in fair value of MSRs as reported in the condensed consolidated statements of operations (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Changes in fair value: | | | | | | | | | | | Due to changes in valuation inputs and assumptions, net | $ | 65,056 | | | $ | 3,154 | | | $ | 312,953 | | | $ | (247,667) | | | | | Due to collection/realization of cash flows and other | (168,611) | | | (96,582) | | | (395,128) | | | (219,631) | | | | | Net reserves and transaction costs on sales of servicing rights | (19,128) | | | (17,993) | | | (50,843) | | | (32,708) | | | | | Changes in fair value of mortgage servicing rights | $ | (122,683) | | | $ | (111,421) | | | $ | (133,018) | | | $ | (500,006) | | | |
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| Summary of Loan Servicing Income |
The following table summarizes the loan servicing income recognized during the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | Contractual servicing fees | $ | 215,891 | | | $ | 174,671 | | | $ | 424,237 | | | $ | 360,903 | | | | | Late, ancillary and other fees | 4,612 | | | 4,142 | | | 9,645 | | | 8,427 | | | | | Loan servicing income | $ | 220,503 | | | $ | 178,813 | | | $ | 433,882 | | | $ | 369,330 | | | |
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| Schedule of Analysis of Change in Fair Value |
The hypothetical effect of adverse changes in these key assumptions would result in a decrease in fair values as follows at June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | Discount rate: | | | | | + 10% adverse change – effect on value | $ | (207,202) | | | $ | (149,409) | | | + 20% adverse change – effect on value | (398,315) | | | (286,410) | | | Prepayment speeds: | | | | | + 10% adverse change – effect on value | $ | (200,467) | | | $ | (168,559) | | | + 20% adverse change – effect on value | (386,697) | | | (323,246) | | | Cost of servicing: | | | | | + 10% adverse change – effect on value | $ | (29,664) | | | $ | (25,173) | | | + 20% adverse change – effect on value | (58,981) | | | (49,316) | |
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