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Investments in Servicing Related Assets (Tables)
 3 Months Ended
Mar. 31, 2017
Investments in Servicing Related Assets [Abstract]  
Summary of Servicing Related Assets
The following is a summary of the Company’s Servicing Related Assets (dollars in thousands):

Servicing Related Assets Summary

As of March 31, 2017

  
Unpaid
Principal
Balance
  
Cost Basis
  
Carrying
Value(A)
  
Weighted
Average
Coupon
  
Weighted
Average
Maturity
(Years)(B)
  
Changes in
Fair Value
Recorded in
Other Income
(Loss)(C)
 
MSRs
                  
Conventional
 
$
3,170,673
  
$
31,871
(D) 
$
31,088
   
3.81
%
  
23.5
   
(783
)
Government
  
4,421,039
   
32,515
(D)  
45,610
   
3.36
%
  
28.5
   
13,095
 
Total
 
$
7,591,712
  
$
64,386
  
$
76,698
   
3.55
%
  
26.4
  
$
12,312
 

As of December 31, 2016

  
Unpaid
Principal
Balance
  
Cost Basis
  
Carrying
Value(A)
  
Weighted
Average
Coupon
  
Weighted
Average
Maturity
(Years)(B)
  
Changes in
Fair Value
Recorded in
Other Income
(Loss)(C)
 
Excess MSR Pool 2
  
6,053,142
   
19,754
(E)  
28,526
   
2.96
%
  
26.3
   
(493
)
Excess MSR Pool 2 - Recapture Agreement
  
-
   
1,187
(E)  
866
       
-
   
742
 
Conventional MSRs
  
3,262,181
   
35,156
(D)  
31,871
   
3.81
%
  
23.7
   
(3,285
)
Total
 
$
9,315,323
  
$
56,097
  
$
61,263
   
3.26
%
  
25.4
  
$
(3,036
)

(A)
Carrying value represents the fair value of the pools or recapture agreements, as applicable (see Note 9).
(B)
The weighted average maturity represents the weighted average expected timing of the receipt of cash flows of each investment.
(C)
The portion of the change in fair value of the recapture agreement relating to loans recaptured as of March 31, 2017 and December 31, 2016 is reflected in the respective pool.
(D)
MSR cost basis consists of the carrying value of the prior period, adjusted for any purchases, sales and principal paydowns.
(E)
The amortized cost basis of the recapture agreements is determined based on the relative fair values of the recapture agreements and related Excess MSRs at the time they were acquired.
Summary of Geographic Concentration of Servicing Related Assets
The tables below summarize the geographic distribution for the states representing 5% or greater of the underlying residential mortgage loans of the Servicing Related Assets:

Geographic Concentration of Servicing Related Assets

As of March 31, 2017

  
Percentage of Total Outstanding
Unpaid Principal Balance
 
California
  
12.4
%
New Jersey
  
8.2
%
Texas
  
5.6
%
Utah
  
5.5
%
Florida
  
5.1
%
All other
  
63.2
%
Total
  
100.0
%

As of December 31, 2016

  
Percentage of Total Outstanding
Unpaid Principal Balance
 
Texas
  
10.0
%
California
  
8.9
%
Florida
  
6.7
%
Virginia
  
5.9
%
North Carolina
  
5.8
%
Georgia
  
5.8
%
New Jersey
  
5.6
%
Washington
  
5.5
%
Colorado
  
5.2
%
All other
  
40.6
%
Total
  
100.0
%