Mortgage Servicing Rights, Net (Tables)

9 Months Ended

Sep. 30, 2020

Summary of changes in the carrying amount of mortgage servicing rights

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Mortgage Servicing Rights	2020		2019		2020		2019
Beginning Balance	$	460,473	$	413,425	$	432,666	$	416,131
Additions	53,006		35,186		126,571		73,873
Purchases from an affiliate	—		123		200		845

Amortization	(24,901)		(22,503)		(70,859)		(64,618)
Ending Balance	$	488,578	$	426,231	$	488,578	$	426,231

Valuation Allowance
Beginning Balance	$	(37,241)	$	(12,642)	$	(19,022)	$	(4,322)
Decrease (increase)	1,850		(7,380)		(16,369)		(15,700)
Ending Balance	$	(35,391)	$	(20,022)	$	(35,391)	$	(20,022)
Net Balance	$	453,187	$	406,209	$	453,187	$	406,209

Schedule of servicing fees and escrow interest

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Servicing fees	$	29,432	$	26,526	$	84,347	$	78,134
Escrow interest and placement fees	876		6,518		4,995		17,505
Ancillary fees	2,060		3,955		5,584		11,270
Total	$	32,368	$	36,999	$	94,926	$	106,909