Net Interest Expense

12 Months Ended

Dec. 31, 2024

Net Interest Expense

Net Interest Expense

Note 22—Net Interest Expense

Net interest expense is summarized below:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Interest income:
Cash and short-term investments	$	56,252	$	68,457	$	19,839
Principal-only stripped mortgage-backed securities		26,035		—		—
Loans held for sale		326,697		279,506		172,124
Placement fees relating to custodial funds		383,798		284,877		102,099
Other		784		84		—
		793,566		632,924		294,062
Interest expense:
Assets sold under agreements to repurchase		393,977		279,289		105,459
Mortgage loan participation purchase and sale agreements		16,404		16,129		7,314
Notes payable secured by mortgage servicing assets		164,161		211,085		79,813
Unsecured senior notes		184,304		98,396		95,014
Interest shortfall on repayments of mortgage loans serviced for Agency securitizations		46,385		21,538		40,741
Interest on mortgage loan impound deposits		11,298		9,795		7,066
Other		2,819		1,545		20
		819,348		637,777		335,427
	$	(25,782)	$	(4,853)	$	(41,365)