Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Mortgage Servicing Rights

Mortgage Servicing Rights

The unpaid principal loan balance of our servicing portfolio is presented in the following table as of December 31,:

	2023		2022
Federal National Mortgage Association	$	2,478,732	$	2,517,434
Federal Home Loan Mortgage Corporation	1,736,329		1,630,403
Government National Mortgage Association	1,094,438		916,455
Federal Home Loan Bank	105,702		111,699
Other	1,258		1,413
Total	$	5,416,459	$	5,177,404

The activity of MSRs carried at fair value is as follows for the years ended December 31,:

	2023		2022		2021
Balance, beginning of period	$	74,097	$	47,392	$	29,144
Additions:
Servicing resulting from transfers of financial assets	9,253		14,287		23,854
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model	30		20,350		6,093
Changes in fair value due to pay-offs, pay-downs, and runoff	(6,679)		(7,932)		(11,699)
Balance, end of period	$	76,701	$	74,097	$	47,392

The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of December 31,:

	2023		2022		2021
Discount rate	10.06	%	9.85	%	9.22	%
Total prepayment speeds	7.79	%	7.40	%	11.52	%
Cost of servicing each loan	$90/per loan		$88/per loan		$85/per loan

Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table for the years ended December 31,:

	2023		2022		2021
Servicing fees	$	14,913	$	14,675	$	12,092
Late and ancillary fees	761		413		433
Total	$	15,674	$	15,088	$	12,525