Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Mortgage Servicing Rights and Mortgage Servicing Liabilities

Schedule of activity in MSRs carried at fair value

	Quarter ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Balance at beginning of period	$	6,003,390	$	4,707,039	$	5,953,621	$	3,878,078
Additions (deductions):
MSRs resulting from loan sales		562,523		398,253		849,056		1,014,555
Sales		—		—		(232)		—
		562,523		398,253		848,824		1,014,555
Change in fair value due to:
Changes in inputs used in valuation model (1)		118,898		233,697		28,619		557,625
Other changes in fair value (2)		(174,226)		(121,822)		(320,479)		(233,091)
Total change in fair value		(55,328)		111,875		(291,860)		324,534
Balance at end of period	$	6,510,585	$	5,217,167	$	6,510,585	$	5,217,167
Unpaid principal balance of underlying loans at end of period					$	337,695,442	$	297,269,682
					June 30,		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					$	6,457,553	$	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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Balance at beginning of period	$	2,011	$	2,564	$	2,096	$	2,816
Changes in fair value due to:
Changes in inputs used in valuation model		(7)		(129)		(22)		(267)
Other changes in fair value (1)		(64)		(98)		(134)		(212)
Total change in fair value		(71)		(227)		(156)		(479)
Balance at end of period	$	1,940	$	2,337	$	1,940	$	2,337
Unpaid principal balance of underlying loans at end of period					$	36,628	$	41,481

(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 June 30,				Six months ended June 30,
	2023		2022		2023		2022
	(in thousands)
Contractual servicing fees	$	307,119	$	259,338	$	597,816	$	504,147
Other fees:
Late charges		12,897		9,527		25,498		19,644
Other		2,775		3,541		4,956		8,535
	$	322,791	$	272,406	$	628,270	$	532,326