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Mortgage Servicing Rights, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Transfers and Servicing [Abstract]  
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 March 31,
Mortgage Servicing Rights20242023
Beginning Balance$534,390 $576,428 
Additions19,552 8,965 
Amortization(28,363)(28,477)
Ending Balance$525,579 $556,916 
Valuation Allowance
Beginning Balance$(3,187)$(7,876)
Decrease (increase)
(520)1,501 
Ending Balance$(3,707)$(6,375)
Net Balance$521,872 $550,541 
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 March 31,
 20242023
Servicing fees (1)
$41,956 $39,054 
Escrow interest and placement fees14,190 10,091 
Ancillary fees468 931 
Total$56,614 $50,076 
(1) Beginning in the first quarter of 2024, the portion of Spring11's revenues associated with its servicing and asset management portfolio are no longer reported under “Management services” but are instead recorded as part of “Servicing fees” for all periods from the first quarter of 2023 onwards. For the quarter ended March 31, 2023, $2.1 million was reclassified from “Management services” to “Servicing fees”.