v3.26.1
Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
We have investments in mortgage servicing rights (“MSRs”) that result from the sale of residential and multifamily loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value.
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
June 30,
2026		December 31,
2025
Federal National Mortgage Association$2,729,043 $2,674,584 
Federal Home Loan Mortgage Corporation3,784,974 2,058,343 
Government National Mortgage Association1,482,594 1,420,376 
Federal Home Loan Bank215,346 121,476 
Other18,470 1,012 
Total$8,230,426 $6,275,791 
The activity of MSRs carried at fair value is as follows:
For the three months ended
June 30,
For the six months ended
 June 30,
2026202520262025
Balance, beginning of period$88,993 $82,927 $86,651 $84,258 
Additions:
Addition due to acquisition of First Foundation Inc.7,651 — 7,651 — 
Servicing resulting from transfers of financial assets5,459 4,120 9,730 6,773 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model843 73 2,193 (1,316)
Changes in fair value due to pay-offs, pay-downs, and runoff(3,210)(2,384)(6,489)(4,979)
Balance, end of period$99,736 $84,736 $99,736 $84,736 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
June 30,
2026		December 31,
2025		June 30,
2025
Discount rate9.77 %9.81 %10.00 %
Total prepayment speeds8.08 %9.04 %8.57 %
Cost of servicing each loan
$91 per loan
$91 per loan
$91 per loan
Servicing and ancillary fees for residential real estate loans are included within Mortgage banking services and multifamily real estate loans are included within other noninterest income within our consolidated statements of (loss) income and comprehensive (loss) income. Total servicing and ancillary fees earned from the mortgage servicing portfolio are presented in the following table:
For the three months ended
June 30,
For the six months ended
 June 30,
2026202520262025
Servicing fees$6,043 $4,409 $10,741 $8,669 
Late and ancillary fees273 231 544 476 
Total$6,316 $4,640 $11,285 $9,145