Mortgage Servicing Rights, Net (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
Mortgage Servicing Rights	2024		2023		2024		2023
Beginning Balance	$	516,805	$	550,563	$	534,390	$	576,428
Additions	23,948		23,170		63,798		54,789
Amortization	(29,863)		(29,830)		(87,298)		(87,314)
Ending Balance	$	510,890	$	543,903	$	510,890	$	543,903
Valuation Allowance
Beginning Balance	$	(2,602)	$	(6,032)	$	(3,187)	$	(7,876)
Decrease (increase)	(1,326)		2,333		(741)		4,177
Ending Balance	$	(3,928)	$	(3,699)	$	(3,928)	$	(3,699)
Net Balance	$	506,962	$	540,204	$	506,962	$	540,204

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,
	2024		2023		2024		2023
Servicing fees (1)	$	43,489	$	40,215	$	127,620	$	118,946
Escrow interest and placement fees	16,104		15,004		45,850		37,752
Ancillary fees	1,110		201		1,932		2,961
Total	$	60,703	$	55,420	$	175,402	$	159,659

(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 nine months ended September 30, 2023, $2.2 million and $6.3 million, respectively, was reclassified from “Management services” to “Servicing fees.”