Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Schedule of activity in MSRs carried at fair value

	Quarter ended March 31,
	2023		2022
	(in thousands)
Balance at beginning of quarter	$	5,953,621	$	3,878,078
Additions (deductions):
MSRs resulting from loan sales		286,533		616,302
Sales		(232)		—
		286,301		616,302
Change in fair value due to:
Changes in inputs used in valuation model (1)		(90,279)		323,928
Other changes in fair value (2)		(146,253)		(111,269)
Total change in fair value		(236,532)		212,659
Balance at end of quarter	$	6,003,390	$	4,707,039
Unpaid principal balance of underlying loans at end of quarter	$	321,263,982	$	290,760,440
	March 31,		December 31,
	2023		2022
	(in thousands)
Fair value of mortgage servicing rights pledged to secure Assets sold under agreements to repurchase and Notes payable secured by mortgage servicing assets	$	5,954,749	$	5,897,613

(1) Principally reflects changes in annual total prepayment speed, pricing spread, per loan annual cost of servicing and UPB of underlying loan inputs.

(2) Represents changes due to realization of cash flows.

Schedule of activity in mortgage servicing liability carried at fair value

	Quarter ended March 31,
	2023		2022
	(in thousands)
Balance at beginning of quarter	$	2,096	$	2,816
Changes in fair value due to:
Changes in inputs used in valuation model		(15)		(138)
Other changes in fair value (1)		(70)		(114)
Total change in fair value		(85)		(252)
Balance at end of quarter	$	2,011	$	2,564
Unpaid principal balance of underlying loans at end of quarter	$	28,380	$	37,450

(1) Represents changes due to realization of cash flows.

Summary of servicing fees, late fees and ancillary and other fees relating to MSRs recorded on the consolidated statements of income

	Quarter ended March 31,
	2023		2022
	(in thousands)
Contractual servicing fees	$	290,697	$	244,809
Other fees:
Late charges		12,601		10,117
Other		2,181		4,994
	$	305,479	$	259,920