Mortgage Servicing

3 Months Ended

Mar. 31, 2018

Mortgage Servicing

Mortgage Servicing

Note 6 — Mortgage Servicing

An analysis of the product and geographic concentrations that impact our servicing revenue is as follows ($ in thousands):

March 31, 2018
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percentage
Product	UPB		Total		State	of Total
Fannie Mae	$	12,700,635	76	%	Texas	22	%
Freddie Mac	3,397,535		20	%	North Carolina	10	%
FHA	591,836		4	%	California	8	%
Total	$	16,690,006	100	%	New York	8	%
					Georgia	6	%
					Florida	6	%
					Other (1)	40	%
					Total	100	%

December 31, 2017
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percentage
Product	UPB		Total		State	of Total
Fannie Mae	$	12,502,699	77	%	Texas	22	%
Freddie Mac	3,166,134		20	%	North Carolina	10	%
FHA	537,482		3	%	California	8	%
Total	$	16,206,315	100	%	New York	8	%
					Georgia	6	%
					Florida	6	%
					Other (1)	40	%
					Total	100	%

(1) No other individual state represented 4% or more of the total.

At March 31, 2018 and December 31, 2017, our weighted average servicing fee was 47.5 basis points and 47.7 basis points, respectively. We held cash in escrow for these loans totaling $443.2 million and $477.9 million at March 31, 2018 and December 31, 2017, respectively, which is not reflected in our consolidated balance sheets.  These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on these escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on escrows, net of interest paid to the borrower, was $2.2 million and $0.7 million during the three months ended March 31, 2018 and 2017, respectively, and is a component of servicing revenue, net in the consolidated statements of income.