Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2024

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Summary of MSRs Carried at Fair Value

Following is a summary of MSRs:

	Quarter ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands)
Balance at beginning of period	$	3,941,861		$	3,977,938		$	3,919,107		$	4,012,737
Purchases		—			16,263			29,428			16,263
MSRs resulting from loan sales		87,588			58,560			159,456			249,925
Transfers to Agency of mortgage servicing    rights relating to delinquent loans		125			70			341			(653	)
Exchange of mortgage servicing spread for      interest-only stripped mortgage-backed      securities and interest receivable		(35,609	)		(105,096	)		(35,609	)		(105,096	)
Changes in fair value:
Due to changes in inputs used in valuation    model (1)		(84,306	)		263,139			33,303			232,414
Other changes in fair value (2)		(100,612	)		(102,213	)		(296,979	)		(296,929	)
		(184,918	)		160,926			(263,676	)		(64,515	)
Balance at end of period	$	3,809,047		$	4,108,661		$	3,809,047		$	4,108,661

	September 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	$	3,756,894	$	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 September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(in thousands)
Contractually specified servicing fees	$	162,605	$	166,809	$	485,089	$	496,522
Ancillary and other fees:
Late charges		1,044		878		3,019		2,442
Other		2,968		2,874		6,819		12,079
		4,012		3,752		9,838		14,521
	$	166,617	$	170,561	$	494,927	$	511,043
Average UPB of underlying loans	$	227,804,449	$	231,333,064	$	229,174,686	$	231,333,990