Mortgage Servicing Rights, Net (Tables)

9 Months Ended

Sep. 30, 2023

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	2023		2022		2023		2022
Beginning Balance	$	550,563	$	577,948	$	576,428	$	563,488
Additions	23,170		26,752		54,789		98,378


Amortization	(29,830)		(29,793)		(87,314)		(86,959)
Ending Balance	$	543,903	$	574,907	$	543,903	$	574,907

Valuation Allowance
Beginning Balance	$	(6,032)	$	(9,268)	$	(7,876)	$	(13,186)
Decrease	2,333		321		4,177		4,239
Ending Balance	$	(3,699)	$	(8,947)	$	(3,699)	$	(8,947)
Net Balance	$	540,204	$	565,960	$	540,204	$	565,960

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,
	2023		2022		2023		2022
Servicing fees	$	38,035	$	37,333	$	112,652	$	110,367
Escrow interest and placement fees	15,004		6,870		37,752		10,276
Ancillary fees	201		6,830		2,961		19,986
Total	$	53,240	$	51,033	$	153,365	$	140,629