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Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)
3 Months Ended
Mar. 31, 2024
Mortgage Servicing Rights and Mortgage Servicing Liabilities  
Schedule of activity in MSRs carried at fair value

Quarter ended March 31, 

    

2024

    

2023

(in thousands)

Balance at beginning of quarter

$

7,099,348

$

5,953,621

Additions (deductions):

MSRs resulting from loan sales

412,520

286,533

Transfer of mortgage servicing rights relating to delinquent loans to Agency

(232)

412,520

286,301

Change in fair value due to:

Changes in inputs used in valuation model (1)

169,952

(90,279)

Other changes in fair value (2)

(198,610)

(146,253)

Total change in fair value

(28,658)

(236,532)

Balance at end of quarter

$

7,483,210

$

6,003,390

Unpaid principal balance of underlying loans at end of quarter

$

381,470,663

$

321,263,982

March 31, 

December 31,

2024

2023

(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

$

7,406,892

$

7,033,892

(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, 

    

2024

    

2023

(in thousands)

Balance at beginning of quarter

$

1,805

$

2,096

Changes in fair value due to:

Changes in inputs used in valuation model (1)

(27)

(15)

Other changes in fair value (2)

(46)

(70)

Total change in fair value

(73)

(85)

Balance at end of quarter

$

1,732

$

2,011

Unpaid principal balance of underlying loans at end of quarter

$

22,644

$

28,380

(1)Principally reflects changes in annual total prepayment speed and per loan annual cost of servicing.

(2)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, 

    

2024

    

2023

(in thousands)

Contractual servicing fees

$

358,026

$

290,697

Other fees:

Late charges

17,609

12,601

Other

2,640

2,181

$

378,275

$

305,479