Mortgage Servicing Rights (Tables)

6 Months Ended

Jun. 30, 2024

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Summary of MSRs Carried at Fair Value

Following is a summary of MSRs:

	Quarter ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
	(in thousands)
Balance at beginning of period	$	3,951,737		$	3,975,076		$	3,919,107		$	4,012,737
Purchases (price adjustments)		(13	)		—			29,428			—
MSRs resulting from loan sales		40,619			90,747			71,868			191,365
Transfers to Agency of mortgage servicing    rights relating to delinquent loans		74			112			216			(723	)
Changes in fair value:
Due to changes in inputs used in valuation    model (1)		46,039			15,046			117,609			(30,725	)
Other changes in fair value (2)		(96,595	)		(103,043	)		(196,367	)		(194,716	)
		(50,556	)		(87,997	)		(78,758	)		(225,441	)
Balance at end of period	$	3,941,861		$	3,977,938		$	3,941,861		$	3,977,938

	June 30, 2024		December 31, 2023
	(in thousands)
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	$	3,889,087	$	3,871,249

(1)Primarily reflects changes in pricing spread, prepayment speed, servicing cost, and UPB of underlying loan inputs.

(2)Represents changes due to realization of expected cash flows.

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 income and are summarized below:

	Quarter ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands)
Contractually specified servicing fees	$	162,127	$	165,499	$	322,484	$	329,713
Ancillary and other fees:
Late charges		982		805		1,975		1,564
Other		1,833		6,021		3,851		9,205
		2,815		6,826		5,826		10,769
	$	164,942	$	172,325	$	328,310	$	340,482
Average MSR UPB	$	229,124,554	$	232,008,151	$	229,767,433	$	231,381,212