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SERVICING | 9 Months Ended
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Sep. 30, 2025
Transfers and Servicing [Abstract] |
SERVICING | SERVICING 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 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. As part of its servicing operations, the Company held principal, interest, and other borrower payments of $326.9 million and $198.8 million at September 30, 2025 and December 31, 2024, respectively, due to third-party loan buyers recorded as “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. The Company makes payments on these arrangements by remitting amounts due from proceeds received from borrower payments on the underlying loans. Additionally, the Company has outstanding liability obligations to repurchase loans that are in early payment default status. At September 30, 2025 and December 31, 2024, the total obligation to repurchase loans associated with contractual arrangements was $14.6 million and $13.8 million, respectively, recorded in “Payables to third-party loan owners” in the Condensed Consolidated Balance Sheets. SERVICING 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. Geographic Concentration 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. As part of its servicing operations, the Company held principal, interest, and other borrower payments of $198.8 million and $116.9 million at December 31, 2024 and 2023, respectively, due to third-party loan buyers recorded as Payables to third-party loan owners in the Consolidated Balance Sheets. The Company makes payments on these arrangements by remitting amounts due from proceeds received from borrower payments on the underlying collateral loans. Additionally, the Company has outstanding liability obligations to repurchase loans that are in early payment default status as of each period end. As of December 31, 2024 and 2023, the total obligation to repurchase loans associated with contractual arrangements was $13.8 million and $3.2 million, respectively, recorded as Payables to third-party loan owners in the Consolidated Balance Sheets.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI 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