| Summary of MSRs Carried at Fair Value |
Following is a summary of MSRs:
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Quarter ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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Balance at beginning of period |
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$ |
3,575,603 |
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$ |
3,739,106 |
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|
$ |
3,644,702 |
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|
$ |
3,867,394 |
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MSRs resulting from loan sales |
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16,926 |
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|
45,744 |
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|
88,188 |
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|
136,783 |
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Sale of mortgage servicing rights, net of transfers to
Agency relating to delinquent loans |
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|
(204,172 |
) |
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|
284 |
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|
(201,770 |
) |
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|
675 |
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Changes in fair value: |
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Due to changes in inputs used in valuation
model (1) |
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209,927 |
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(26,975 |
) |
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|
274,418 |
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(60,093 |
) |
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Other changes in fair value (2) |
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|
(84,524 |
) |
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|
(89,404 |
) |
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(291,778 |
) |
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(276,004 |
) |
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|
125,403 |
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(116,379 |
) |
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(17,360 |
) |
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(336,097 |
) |
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Balance at end of period (3) |
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$ |
3,513,760 |
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$ |
3,668,755 |
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$ |
3,513,760 |
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$ |
3,668,755 |
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(1)Primarily reflects changes in prepayment speed, OAS or pricing spread, servicing cost, and UPB of underlying loan inputs. (2)Represents changes due to realization of expected cash flows. (3)During the third quarter of 2026, the Company entered into an agreement to sell a portfolio of Agency MSRs with an aggregate UPB of approximately $10.0 billion. The transaction is expected to close in the fourth quarter of 2026.
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September 30, 2026 |
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December 31, 2025 |
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(in thousands) |
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Fair value of mortgage servicing rights pledged to secure
Assets sold under agreements to repurchase and Notes payable
secured by credit risk transfer and mortgage servicing assets |
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$ |
3,430,494 |
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$ |
3,582,211 |
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| Summary of Net Loan Servicing Fees Relating to MSRs |
Servicing fees relating to MSRs are recorded in Net loan servicing fees – from nonaffiliates on the Company’s consolidated statements of operations and are summarized below:
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Quarter ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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|
2026 |
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|
2025 |
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(in thousands) |
Contractually specified servicing fees |
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$ |
140,423 |
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$ |
151,395 |
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$ |
432,418 |
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$ |
456,705 |
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Ancillary and other fees: |
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Late charges |
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1,066 |
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|
1,092 |
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|
3,200 |
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|
3,155 |
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Other |
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2,859 |
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|
3,336 |
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|
9,168 |
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|
10,317 |
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|
3,925 |
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|
4,428 |
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|
12,368 |
|
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|
13,472 |
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|
$ |
144,348 |
|
|
$ |
155,823 |
|
|
$ |
444,786 |
|
|
$ |
470,177 |
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Average UPB of underlying loans |
|
$ |
200,144,607 |
|
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$ |
220,178,747 |
|
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$ |
207,765,234 |
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$ |
222,854,243 |
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