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Servicing Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]  
Schedule of Servicing Assets at Fair Value
Year Ended
December 31,
(in thousands)202120202019
Balance at beginning of period$1,596,153 $1,909,444 $1,993,440 
Purchases of mortgage servicing rights
777,305 623,284 627,815 
Sales of mortgage servicing rights
(43,411)1,976 2,306 
Changes in fair value due to:
Changes in valuation inputs or assumptions used in the valuation model (1)
562,843 (396,900)(390,149)
Other changes in fair value (2)
(666,160)(538,761)(307,918)
Other changes (3)
(35,152)(2,890)(16,050)
Balance at end of period (4)
$2,191,578 $1,596,153 $1,909,444 
____________________
(1)Includes the impact of acquiring MSR at a cost different from fair value.
(2)Primarily represents changes due to the realization of expected cash flows.
(3)Includes purchase price adjustments, contractual prepayment protection, and changes due to the Company’s purchase of the underlying collateral.
(4)Based on the principal balance of the loans underlying the MSR reported by servicers on a month lag, adjusted for current month purchases.
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets
As of December 31, 2021 and December 31, 2020, the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows:
(dollars in thousands, except per loan data)December 31,
2021		December 31,
2020
Weighted average prepayment speed:12.9 %19.4 %
Impact on fair value of 10% adverse change$(110,222)$(121,973)
Impact on fair value of 20% adverse change$(210,406)$(229,676)
Weighted average delinquency:1.3 %2.2 %
Impact on fair value of 10% adverse change$(3,470)$(2,038)
Impact on fair value of 20% adverse change$(6,947)$(4,161)
Weighted average option-adjusted spread:4.7 %4.8 %
Impact on fair value of 10% adverse change$(42,188)$(28,678)
Impact on fair value of 20% adverse change$(82,126)$(56,211)
Weighted average per loan annual cost to service:$66.76 $68.27 
Impact on fair value of 10% adverse change$(25,919)$(21,708)
Impact on fair value of 20% adverse change$(51,911)$(43,527)
Components of Servicing Revenue
Year Ended
December 31,
(in thousands)202120202019
Servicing fee income$461,381 $416,936 $436,587 
Ancillary and other fee income2,436 1,945 1,801 
Float income4,589 24,470 63,224 
Total$468,406 $443,351 $501,612 
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 December 31, 2021 and December 31, 2020:
December 31, 2021December 31, 2020
(dollars in thousands)Number of LoansUnpaid Principal BalanceNumber of LoansUnpaid Principal Balance
Mortgage servicing rights796,205 $193,770,566 781,905 $177,861,483 
Residential mortgage loans
868 519,270 1,674 1,067,500 
Other assets2 40 — — 
Total serviced mortgage assets797,075 $194,289,876 783,579 $178,928,983