Net Interest Expense (Tables)

6 Months Ended

Jun. 30, 2024

Net Interest Expense

Summary of net interest expense

	Quarter ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
	(in thousands)
Interest income:
Cash and short-term investments	$	13,172	$	21,127	$	27,754	$	37,372
Principal-only stripped mortgage-backed securities		9,074		—		9,344		—
Loans held for sale at fair value		86,283		78,780		151,704		139,773
Placement fees relating to custodial funds		92,230		73,024		168,363		124,243
From Townsgate Closing Services, LLC		—		21		20		42
Other		52		—		52		—
		200,811		172,952		357,237		301,430
Interest expense:
Assets sold under agreements to repurchase		106,587		87,480		177,022		146,703
Mortgage loan participation purchase and sale agreements		4,109		4,462		8,186		7,385
Notes payable secured by mortgage servicing assets		41,932		53,817		85,938		94,595
Unsecured senior notes		43,968		23,688		82,800		47,116
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		7,902		6,714		14,023		9,924
Interest on mortgage loan impound deposits		2,962		2,225		4,949		4,192
Other		411		256		722		498
		207,871		178,642		373,640		310,413
	$	(7,060)	$	(5,690)	$	(16,403)	$	(8,983)