Net Interest Income (Expense) (Tables)

9 Months Ended

Sep. 30, 2023

Net Interest Income (Expense)

Summary of net interest expense

	Quarter ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
	(in thousands)
Interest income:
Cash and short-term investments	$	15,814	$	7,759	$	53,186	$	8,736
Loans held for sale at fair value		65,641		38,945		205,414		124,835
Placement fees relating to custodial funds		85,076		36,290		209,319		53,169
From Townsgate Closing Services, LLC		21		—		63		—
		166,552		82,994		467,982		186,740
Interest expense:
Assets sold under agreements to repurchase		62,758		24,329		209,461		67,048
Mortgage loan participation purchase and sale agreements		4,383		2,073		11,768		4,570
Obligations under capital lease		—		—		—		20
Notes payable secured by mortgage servicing assets		55,676		24,795		150,271		48,360
Unsecured senior notes		23,949		23,949		71,065		71,065
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		6,857		5,620		16,781		35,385
Interest on mortgage loan impound deposits		2,888		2,199		7,080		4,951
Other		352		—		850		—
		156,863		82,965		467,276		231,399
	$	9,689	$	29	$	706	$	(44,659)