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Servicing Activities (Tables)
 6 Months Ended
Jun. 30, 2020
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]  
Schedule of Servicing Assets at Fair Value
The following table summarizes activity related to MSR for the three and six months ended June 30, 2020 and 2019.
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2020201920202019
Balance at beginning of period$1,505,163  $2,014,370  $1,909,444  $1,993,440  
Purchases of mortgage servicing rights
21,551  43,710  205,334  264,522  
Sales of mortgage servicing rights
381  —  1,814  —  
Changes in fair value due to:
Changes in valuation inputs or assumptions used in the valuation model
(111,013) (182,025) (611,776) (333,639) 
Other changes in fair value (1)
(127,778) (70,407) (213,680) (108,056) 
Other changes (2)
(9,109) (4,822) (11,941) (15,441) 
Balance at end of period$1,279,195  $1,800,826  $1,279,195  $1,800,826  
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(1)Other changes in fair value primarily represents changes due to the realization of expected cash flows.
(2)Other changes includes purchase price adjustments, contractual prepayment protection, and changes due to the Company’s purchase of the underlying collateral.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
As of June 30, 2020 and December 31, 2019, the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows:
(dollars in thousands, except per loan data)June 30,
2020		December 31,
2019
Weighted average prepayment speed:21.2 %14.8 %
Impact on fair value of 10% adverse change$(109,256) (88,459) 
Impact on fair value of 20% adverse change$(205,550) (188,209) 
Weighted average delinquency:2.2 %0.9 %
Impact on fair value of 10% adverse change$(1,710) (7,470) 
Impact on fair value of 20% adverse change$(3,415) (15,020) 
Weighted average discount rate:5.1 %7.2 %
Impact on fair value of 10% adverse change$(19,943) (49,274) 
Impact on fair value of 20% adverse change$(38,764) (95,963) 
Weighted average per loan annual cost to service:$68.50  $66.62  
Impact on fair value of 10% adverse change$(19,222) $(23,932) 
Impact on fair value of 20% adverse change$(38,572) $(48,054) 
Components of Servicing Revenue
The following table presents the components of servicing income recorded on the Company’s condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019:
Three Months EndedSix Months Ended
June 30,June 30,
(in thousands)2020201920202019
Servicing fee income$104,463  $114,548  $222,354  $220,484  
Ancillary and other fee income476  493  997  803  
Float income7,952  15,908  20,337  26,610  
Total$112,891  $130,949  $243,688  $247,897  
Schedule of Total Serviced Mortgage Assets The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of June 30, 2020 and December 31, 2019:
June 30, 2020December 31, 2019
(dollars in thousands)Number of LoansUnpaid Principal BalanceNumber of LoansUnpaid Principal Balance
Mortgage servicing rights750,403  $163,493,573  793,470  $175,882,142  
Residential mortgage loans
2,609  1,669,576  3,157  2,033,951  
Other assets—  —  71  12,511  
Total serviced mortgage assets753,012  $165,163,149  796,698  $177,928,604