Mortgage Servicing Rights, Net (Tables)

12 Months Ended

Dec. 31, 2024

Transfers and Servicing [Abstract]

Schedule of Changes in the Carrying Amount of Mortgage Servicing Rights

The changes in the carrying amount of MSRs were as follows (in thousands):

	Year Ended December 31,
Mortgage Servicing Rights	2024		2023		2022
Beginning Balance	$	534,390	$	576,428	$	563,488
Additions	103,980		75,704		130,301
Purchases	110		—		—
Amortization	(117,993)		(117,742)		(117,361)
Ending Balance	$	520,487	$	534,390	$	576,428
Valuation Allowance
Beginning Balance	$	(3,187)	$	(7,876)	$	(13,186)
Decrease (increase)	279		4,689		5,310
Ending Balance	$	(2,908)	$	(3,187)	$	(7,876)
Net Balance	$	517,579	$	531,203	$	568,552

Schedule of Servicing Fees and Escrow Interest

Servicing fees are included in “Management services, servicing fees and other” on the accompanying consolidated statements of operations and were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Servicing fees (1)	$	171,566	$	159,599	$	147,514
Escrow interest and placement fees	61,446		54,151		20,290
Ancillary fees	2,969		3,256		20,408
Total	$	235,981	$	217,006	$	188,212

(1) Beginning in the first quarter of 2024, the portion of Spring11’s revenues associated with its servicing and asset management portfolio is no longer reported under “Management services” but is instead recorded as part of “Servicing fees” for all periods from the first quarter of 2023 onwards. For the year ended December 31, 2023, $8.6 million was reclassified from “Management services” to “Servicing fees.”