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SERVICING (Tables) | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
Schedule of Servicing Assets | The following table summarizes the Company’s servicing assets at September 30, 2025 and December 31, 2024:
|  | September 30, 2025
|  | UPB of Underlying Loans |  | Loan Count |  |  |  | Carrying Value(A)
HELOC loans |  | $ | 11,148,741 |  |  | 302,066 |  |  |  |  | $ | 98,120 |
Mortgage loans |  | 149,482 |  |  | 273 |  |  |  |  | 1,880 |
Total |  | $ | 11,298,223 |  |  | 302,339 |  |  |  |  | $ | 100,000 |
|  | December 31, 2024
|  | UPB of Underlying Loans |  | Loan Count |  |  |  | Carrying Value(A)
HELOC loans |  | $ | 7,933,975 |  |  | 113,413 |  |  |  |  | $ | 86,465 |
Mortgage loans |  | 162,908 |  |  | 294 |  |  |  |  | 2,032 |
Total |  | $ | 8,096,883 |  |  | 113,707 |  |  |  |  | $ | 88,497 |
__________________ (A)The Company records loan servicing assets at fair value. See Note 12 for additional information regarding the valuation of these assets. The following table includes a rollforward of the Company’s servicing assets for the nine months ended September 30, 2025 and 2024:
Balance at December 31, 2023 |  | $ | 55,860 |
Change in fair value due to: |  |
Additions(A) |  | 37,845 |
Realization of cash flows(B) |  | (13,749) |
Change in valuation inputs and assumptions |  | (5,516) |
Total impact of change to fair value |  | 18,580 |
Balance at September 30, 2024 |  | $ | 74,440 |
Balance at December 31, 2024 |  | $ | 88,497 |
Change in fair value due to: |  |
Additions(A) |  | 41,903 |
Realization of cash flows(B) |  | (20,180) |
Change in valuation inputs and assumptions |  | (10,220) |
Total impact of change to fair value |  | 11,503 |
Balance at September 30, 2025 |  | $ | 100,000 |
__________________ (A)Represents the fair value of servicing rights retained upon sale of originated and purchased loans. (B)Based on the paydown of the underlying loans. The following table summarizes the Company’s servicing assets at December 31, 2024 and 2023:
| December 31, 2024 |  |
| UPB of Underlying Loans |  | Loan Count |  |  |  | Carrying Value(A) |  |
HELOC loans | $ | 7,933,975 |  |  | 113,413 |  |  |  |  | $ | 86,465 |  |  |
Mortgage loans | 162,908 |  |  | 294 |  |  |  |  | 2,032 |  |  |
Total | $ | 8,096,883 |  |  | 113,707 |  |  |  |  | $ | 88,497 |  |  |
| December 31, 2023 |  |
| UPB of Underlying Loans |  | Loan Count |  |  |  | Carrying Value(A) |  |
HELOC loans | $ | 5,018,260 |  |  | 74,980 |  |  |  |  | $ | 53,645 |  |  |
Mortgage loans | 177,339 |  |  | 314 |  |  |  |  | 2,215 |  |  |
Total | $ | 5,195,599 |  |  | 75,294 |  |  |  |  | $ | 55,860 |  |  |
__________________ (A)The Company records loan servicing assets at fair value. See Note 11 for additional information regarding the valuation of these assets. The following table includes a rollforward of the Company’s servicing assets for the years ended December 31, 2024 and 2023:
Balance at December 31, 2022 | $ | 33,777 |
Change in fair value due to: |
Additions(A) | 36,386 |
Realization of cash flows(B) | (9,684) |
Change in valuation inputs and assumptions | (4,619) |
Total impact of change to fair value | 22,083 |
Balance at December 31, 2023 | 55,860 |
Change in fair value due to: |
Additions(A) | 50,557 |
Realization of cash flows(B) | (19,623) |
Change in valuation inputs and assumptions | 1,703 |
Total impact of change to fair value | 32,637 |
Balance at December 31, 2024 | $ | 88,497 |
__________________ (A)Represents the fair value of servicing rights retained upon sale of originated loans. (B)Based on the paydown of the underlying loans.
Schedules of Geographic Concentration of the Loans | The table below summarizes the geographic concentration of the loans underlying the servicing rights at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024 |  |
State |  | Amount Outstanding(A) |  | % of Total |  | Amount Outstanding(A) |  | % of Total |  |
California |  | $ | 2,872,702 |  |  | 25.4 | % |  | $ | 2,146,371 |  |  | 26.5 | % |  |
Florida |  | 1,357,888 |  |  | 12.0 |  |  | 990,404 |  |  | 12.2 |  |  |
Arizona |  | 562,655 |  |  | 5.0 |  |  | 429,469 |  |  | 5.3 |  |  |
Georgia |  | 521,330 |  |  | 4.6 |  |  | 407,651 |  |  | 5.0 |  |  |
Washington |  | 456,709 |  |  | 4.0 |  |  | 362,370 |  |  | 4.5 |  |  |
New Jersey |  | 415,090 |  |  | 3.7 |  |  | 320,124 |  |  | 4.0 |  |  |
North Carolina |  | 327,759 |  |  | 2.9 |  |  | 261,013 |  |  | 3.2 |  |  |
Virginia |  | 360,311 |  |  | 3.2 |  |  | 241,844 |  |  | 3.0 |  |  |
Colorado |  | 305,980 |  |  | 2.7 |  |  | 239,559 |  |  | 3.0 |  |  |
Ohio |  | 350,075 |  |  | 3.1 |  |  | 227,069 |  |  | 2.8 |  |  |
Other (B) |  | 3,767,724 |  |  | 33.4 |  |  | 2,471,009 |  |  | 30.5 |  |  |
Total |  | $ | 11,298,223 |  |  | 100.0 | % |  | $ | 8,096,883 |  |  | 100.0 | % |  |
__________________ (A)Represents the principal balance of the loans that the Company services. (B)The Company did not service loans in any state or U.S. territory contained in “Other” aggregating to more than 5% of the total amount outstanding of the loans that the Company services. The Company serviced international loans of $2.8 million and $— million as of September 30, 2025 and December 31, 2024, respectively, included in Other that represented less than 5% of the total amount outstanding of the loans that the Company services. The table below summarizes the geographic concentration of the loans underlying the servicing rights at December 31, 2024 and 2023:
|  | December 31, 2024 |  | December 31, 2023
State |  | Amount Outstanding(A) |  | % of Total |  | Amount Outstanding(A) |  | % of Total
California |  | $ | 2,146,371 |  |  | 26.5 | % |  | $ | 1,449,585 |  |  | 27.9 | %
Florida |  | 990,404 |  |  | 12.2 |  |  | 593,697 |  |  | 11.4 |
Arizona |  | 429,469 |  |  | 5.3 |  |  | 270,442 |  |  | 5.2 |
Georgia |  | 407,651 |  |  | 5.0 |  |  | 278,231 |  |  | 5.4 |
Washington |  | 362,370 |  |  | 4.5 |  |  | 261,653 |  |  | 5.0 |
New Jersey |  | 320,124 |  |  | 4.0 |  |  | 211,344 |  |  | 4.1 |
North Carolina |  | 261,013 |  |  | 3.2 |  |  | 198,984 |  |  | 3.8 |
Colorado |  | 241,844 |  |  | 3.0 |  |  | 168,289 |  |  | 3.2 |
Virginia |  | 239,559 |  |  | 3.0 |  |  | 156,333 |  |  | 3.0 |
Ohio |  | 227,069 |  |  | 2.8 |  |  | 141,239 |  |  | 2.7 |
Other U.S.(B) |  | 2,471,009 |  |  | 30.5 |  |  | 1,465,802 |  |  | 28.2 |
Total |  | $ | 8,096,883 |  |  | 100.0 | % |  | $ | 5,195,599 |  |  | 100.0 | %
__________________ (A)Represents the principal balance of the loans serviced by the Company. (B)The Company did not service loans in any state or U.S. territory contained in “Other” aggregating to more than 5% of the total amount outstanding of the loans serviced by the Company.

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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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