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Mortgage Servicing Rights and Mortgage Servicing Liabilities (Tables)
3 Months Ended
Mar. 31, 2025
Mortgage Servicing Rights and Mortgage Servicing Liabilities  
Schedule of activity in MSRs carried at fair value

Quarter ended March 31, 

    

2025

    

2024

(in thousands)

Balance at beginning of quarter

$

8,744,528

$

7,099,348

MSRs resulting from loan sales

650,349

412,520

Change in fair value due to:

Changes in inputs used in valuation model (1)

(205,489)

169,952

Other changes in fair value (2)

(225,499)

(198,610)

Total change in fair value

(430,988)

(28,658)

Balance at end of quarter

$

8,963,889

$

7,483,210

Unpaid principal balance of underlying loans at end of quarter

$

442,208,097

$

381,470,663

March 31, 

December 31,

2025

2024

(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

$

8,802,948

$

8,609,388

(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, 

    

2025

    

2024

(in thousands)

Balance at beginning of quarter

$

1,683

$

1,805

Changes in fair value due to:

Changes in inputs used in valuation model (1)

5

(27)

Other changes in fair value (2)

(37)

(46)

Total change in fair value

(32)

(73)

Balance at end of quarter

$

1,651

$

1,732

Unpaid principal balance of underlying loans at end of quarter

$

19,070

$

22,644

(1)Principally reflects changes in annual total prepayment speed, pricing spread 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, 

    

2025

    

2024

(in thousands)

Contractual servicing fees

$

417,687

$

358,026

Other fees:

Late charges

20,051

17,609

Other

3,479

2,640

$

441,217

$

378,275