Net Interest Expense (Tables)

9 Months Ended

Sep. 30, 2024

Banking and Thrift, Interest [Abstract]

Summary of Net Interest Expense

Net interest expense is summarized below:

	Quarter ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
	(in thousands)
Interest income:
Cash and short-term investments	$	7,590		$	6,288		$	22,867		$	19,311
Mortgage-backed securities		66,573			66,563			184,762			180,244
Loans acquired for sale at fair value		23,900			14,720			50,804			77,487
Loans at fair value		16,044			9,514			41,617			38,348
Deposits securing CRT arrangements		15,042			16,419			46,121			46,410
Placement fees relating to custodial funds		47,256			44,005			124,226			110,602
Other		329			1,417			1,731			2,227
		176,734			158,926			472,128			474,629
Interest expense:
Assets sold under agreements to repurchase		86,900			87,414			244,821			284,027
Mortgage loan participation purchase and sale agreements		568			403			1,033			1,109
Notes payable secured by credit risk transfer and    mortgage servicing assets		66,305			69,952			198,760			191,049
Unsecured senior notes		14,571			8,541			35,884			25,316
Asset-backed financings at fair value		10,838			13,652			34,918			38,796
Interest shortfall on repayments of loans serviced    for Agency securitizations		1,913			1,503			5,011			4,322
Interest on loan impound deposits		2,285			2,079			5,284			4,737
Other		791			374			1,828			1,089
		184,171			183,918			527,539			550,445
	$	(7,437	)	$	(24,992	)	$	(55,411	)	$	(75,816	)