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Mortgage Servicing Rights (Tables) | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
Changes in Fair Value of Capitalized MSRs | Changes in fair value of capitalized MSRs are summarized as follows:
| Three Months Ended September 30 | Nine Months Ended September 30
(Dollars in Millions) | 2025 | 2024 | 2025 | 2024
Balance at beginning of period | $ | 3,305 |  | $ | 3,326 |  | $ | 3,369 |  | $ | 3,377 |
Rights purchased | — |  | — |  | — |  | 1 |
Rights capitalized | 71 |  | 72 |  | 194 |  | 191 |
Rights sold | 1 |  | 1 |  | 2 |  | (188) |
Changes in fair value of MSRs |  |  |  |
Due to fluctuations in market interest rates(a) | (3) |  | (121) |  | (43) |  | 27 |
Due to revised assumptions or models(b) | 13 |  | 3 |  | 23 |  | 44 |
Other changes in fair value(c) | (98) |  | (94) |  | (256) |  | (265) |
Balance at end of period | $ | 3,289 |  | $ | 3,187 |  | $ | 3,289 |  | $ | 3,187 |
(a)Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits. (b)Includes changes in MSR value not caused by changes in market interest rates, such as changes in assumed cost to service, ancillary income and option adjusted spread, as well as the impact of any model changes. (c)Primarily the change in MSR value from passage of time and cash flows realized (decay), but also includes the impact of changes to expected cash flows not associated with changes in market interest rates, such as the impact of delinquencies.
Sensitivity to Changes in Interest Rates of the Fair Value of MSR Portfolio and Related Derivative Instruments | The estimated sensitivity to changes in interest rates of the fair value of the MSR portfolio and the related derivative instruments was as follows:
| September 30, 2025 | December 31, 2024
(Dollars in Millions) | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps | Down 100 bps | Down 50 bps | Down 25 bps | Up 25 bps | Up 50 bps | Up 100 bps
MSR portfolio | $ | (365) |  | $ | (173) |  | $ | (84) |  | $ | 78 |  | $ | 150 |  | $ | 275 |  | $ | (310) |  | $ | (144) |  | $ | (69) |  | $ | 63 |  | $ | 120 |  | $ | 217 |
Derivative instrument hedges | 398 | 187 | 89 | (79) |  | (151) |  | (285) |  | 325 | 147 | 69 | (61) |  | (118) |  | (220) |
Net sensitivity | $ | 33 |  | $ | 14 |  | $ | 5 |  | $ | (1) |  | $ | (1) |  | $ | (10) |  | $ | 15 |  | $ | 3 |  | $ | — |  | $ | 2 |  | $ | 2 |  | $ | (3) |
MSRs and Related Characteristics by Portfolio | The following table provides a summary of the Company’s MSRs and related characteristics by portfolio:
| September 30, 2025 | December 31, 2024
(Dollars in Millions) | HFA | Government | Conventional(d) | Total | HFA | Government | Conventional(d) | Total
Servicing portfolio(a) | $ | 56,166 |  | $ | 23,995 |  | $ | 135,668 |  | $ | 215,829 |  | $ | 52,807 |  | $ | 25,139 |  | $ | 138,428 |  | $ | 216,374 |
Fair value | $ | 840 |  | $ | 472 |  | $ | 1,977 |  | $ | 3,289 |  | $ | 856 |  | $ | 512 |  | $ | 2,001 |  | $ | 3,369 |
Value (bps)(b) | 150 |  | 197 |  | 146 |  | 152 |  | 162 |  | 204 |  | 145 |  | 156 |
Weighted-average servicing fees (bps) | 35 |  | 45 |  | 25 |  | 30 |  | 35 |  | 45 |  | 25 |  | 30 |
Multiple (value/servicing fees) | 4.23 |  | 4.41 |  | 5.75 |  | 5.06 |  | 4.57 |  | 4.56 |  | 5.69 |  | 5.17 |
Weighted-average note rate | 5.12 | % | 4.40 | % | 4.01 | % | 4.34 | % | 4.92 | % | 4.35 | % | 3.87 | % | 4.18 | %
Weighted-average age (in years) | 4.7 | 6.6 | 5.4 | 5.4 | 4.5 | 6.1 | 5.0 | 5.0
Weighted-average expected prepayment (constant prepayment rate) | 10.0 | % | 10.2 | % | 8.3 | % | 8.9 | % | 9.9 | % | 10.2 | % | 7.8 | % | 8.6 | %
Weighted-average expected life (in years) | 7.5 | 6.8 | 7.2 | 7.3 | 7.5 | 6.8 | 7.4 | 7.4
Weighted-average option adjusted spread(c) | 7.3 | % | 6.9 | % | 5.1 | % | 5.9 | % | 5.8 | % | 6.2 | % | 5.6 | % | 5.7 | %
(a)Represents principal balance of mortgages having corresponding MSR asset. (b)Calculated as fair value divided by the servicing portfolio. (c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. (d)Represents loans sold primarily to GSEs.

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- Definition Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481326/860-20-50-4 + Details
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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481229/860-50-50-3 + Details
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- Definition MSRs and related characteristics by portfolio. + References No definition available. + Details
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