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Other Investments (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, All Other Investments [Abstract]  
Summary of Other Investments
Other investments at September 30, 2019 and December 31, 2018 are summarized in the following table.
Table 10.1 – Components of Other Investments
(In Thousands)
 
September 30, 2019
 
December 31, 2018
Servicer advance investments
 
$
222,591

 
$
300,468

Mortgage servicing rights
 
39,837

 
60,281

Excess MSRs
 
32,937

 
27,312

Investment in multifamily loan fund
 
32,158

 
—

Shared home appreciation options
 
11,372

 
—

Other
 
8,812

 
—

Participation in loan warehouse facility
 
—

 
39,703

Investment in 5 Arches
 
—

 
10,754

Total Other Investments
 
$
347,707

 
$
438,518
Components of Servicer Advance Investments The servicer advance receivables were comprised of the following types of advances at September 30, 2019 and December 31, 2018:
Table 10.2 – Components of Servicer Advance Receivables
(In Thousands)
 
September 30, 2019
 
December 31, 2018
Principal and interest advances
 
$
54,670

 
$
144,336

Escrow advances (taxes and insurance advances)
 
99,227

 
94,828

Corporate advances
 
51,049

 
47,614

Total Servicer Advance Receivables
 
$
204,946

 
$
286,778
Income from Mortgage Servicing Rights, Net
The following table presents activity for MSRs for the three and nine months ended September 30, 2019 and 2018.
Table 10.3 – Activity for MSRs
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Balance at beginning of period
 
$
47,396

 
$
64,674

 
$
60,281

 
$
63,598

Additions
 
—

 
—

 
868

 
—

Sales
 
—

 
—

 
—

 
(1,077
)
Changes in fair value due to:
 
 
 
 
 
 
 
 
Changes in assumptions (1)
 
(5,150
)
 
1,099

 
(15,291
)
 
6,388

Other changes (2)
 
(2,409
)
 
(1,988
)
 
(6,021
)
 
(5,124
)
Balance at End of Period
 
$
39,837

 
$
63,785

 
$
39,837

 
$
63,785

(1)
Primarily reflects changes in prepayment assumptions due to changes in market interest rates.
(2)
Represents changes due to the realization of expected cash flows.
The following table presents the components of our MSR income for the three and nine months ended September 30, 2019 and 2018.
Table 10.4 – Components of MSR Income, net
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Servicing income
 
$
3,850

 
$
4,004

 
$
11,310

 
$
11,601

Cost of sub-servicer
 
(319
)
 
(324
)
 
(1,090
)
 
(1,254
)
Net servicing fee income
 
3,531

 
3,680

 
10,220

 
10,347

Market valuation changes of MSRs
 
(7,489
)
 
(823
)
 
(21,243
)
 
1,324

Market valuation changes of associated derivatives
 
4,389

 
(890
)
 
13,157

 
(7,151
)
MSR reversal of provision for repurchases
 
—

 
—

 
208

 
277

MSR Income, Net (1)
 
$
431

 
$
1,967

 
$
2,342

 
$
4,797

(1)
MSR income, net is included in Other income, net on our consolidated statements of income.