Mortgage Servicing Rights, Net (Tables)

6 Months Ended

Jun. 30, 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):

	Three Months Ended June 30,				Six Months Ended June 30,
Mortgage Servicing Rights	2024		2023		2024		2023
Beginning Balance	$	525,579	$	556,916	$	534,390	$	576,428
Additions	20,298		22,654		39,850		31,619
Amortization	(29,072)		(29,007)		(57,435)		(57,484)
Ending Balance	$	516,805	$	550,563	$	516,805	$	550,563
Valuation Allowance
Beginning Balance	$	(3,707)	$	(6,375)	$	(3,187)	$	(7,876)
Decrease	1,105		343		585		1,844
Ending Balance	$	(2,602)	$	(6,032)	$	(2,602)	$	(6,032)
Net Balance	$	514,203	$	544,531	$	514,203	$	544,531

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Servicing fees (1)	$	42,175	$	37,711	$	84,131	$	74,617
Escrow interest and placement fees	15,556		12,657		29,746		22,748
Ancillary fees	354		1,829		822		2,760
Total	$	58,085	$	52,197	$	114,699	$	100,125

(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 three and six months ended June 30, 2023, $2.0 million and $4.1 million, respectively, was reclassified from “Management services” to “Servicing fees.”