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Mortgage Servicing Rights, Net (Tables) | 6 Months Ended
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Jun. 30, 2024
Transfers and Servicing [Abstract] |
Schedule of Changes in the Carrying Amount of Mortgage Servicing Rights | The changes in the carrying amount of MSRs were as follows (in thousands):
|  |  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
Mortgage Servicing Rights |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  |
Beginning Balance |  |  | $ | 525,579 |  |  | $ | 556,916 |  |  |  | $ | 534,390 |  |  | $ | 576,428 |  |  |
Additions |  |  | 20,298 |  |  | 22,654 |  |  |  | 39,850 |  |  | 31,619 |  |  |
Amortization |  |  | (29,072) |  |  | (29,007) |  |  |  | (57,435) |  |  | (57,484) |  |  |
Ending Balance |  |  | $ | 516,805 |  |  | $ | 550,563 |  |  |  | $ | 516,805 |  |  | $ | 550,563 |  |  |
Valuation Allowance |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance |  |  | $ | (3,707) |  |  | $ | (6,375) |  |  |  | $ | (3,187) |  |  | $ | (7,876) |  |  |
Decrease |  |  | 1,105 |  |  | 343 |  |  |  | 585 |  |  | 1,844 |  |  |
Ending Balance |  |  | $ | (2,602) |  |  | $ | (6,032) |  |  |  | $ | (2,602) |  |  | $ | (6,032) |  |  |
Net Balance |  |  | $ | 514,203 |  |  | $ | 544,531 |  |  |  | $ | 514,203 |  |  | $ | 544,531 |  |  |
Schedule of Servicing Fees and Escrow Interest | Servicing fees are included in “Management services, servicing fees and other” on the accompanying unaudited condensed consolidated statements of operations and were as follows (in thousands):
|  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
|  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023 |  |
Servicing fees (1) |  | $ | 42,175 |  |  | $ | 37,711 |  |  |  |  | $ | 84,131 |  |  | $ | 74,617 |  |  |
Escrow interest and placement fees |  | 15,556 |  |  | 12,657 |  |  |  |  | 29,746 |  |  | 22,748 |  |  |
Ancillary fees |  | 354 |  |  | 1,829 |  |  |  |  | 822 |  |  | 2,760 |  |  |
Total |  | $ | 58,085 |  |  | $ | 52,197 |  |  |  |  | $ | 114,699 |  |  | $ | 100,125 |  |  |
(1) Beginning in the first quarter of 2024, the portion of Spring11’s revenues associated with its servicing and asset management portfolio is no longer reported under “Management services” but is instead recorded as part of “Servicing fees” for all periods from the first quarter of 2023 onwards. For the three and six months ended June 30, 2023, $2.0 million and $4.1 million, respectively, was reclassified from “Management services” to “Servicing fees.”

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- Definition Schedule of servicing fees and escrow interest. + References No definition available. + Details
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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481229/860-50-50-4 + Details
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- References No definition available. + Details
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