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SERVICER ADVANCE INVESTMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, All Other Investments [Abstract] |
Schedule of Servicer Advance Investments and Additional Information Regarding the Servicer Advance Investments and Related Financing | The table below summarizes the type of advances included in the servicer advances receivable:
| June 30, 2024 |  | December 31, 2023
Principal and interest advances | $ | 624,563 |  |  | $ | 616,801 |
Escrow advances (taxes and insurance advances) | 1,358,320 |  |  | 1,442,697 |
Foreclosure advances | 891,268 |  |  | 767,171 |
Gross advance balance(A)(B) | 2,874,151 |  |  | 2,826,669 |
Reserves, impairment, unamortized discount, net of recovery accruals | (99,641) |  |  | (66,419) |
Total servicer advances receivable | $ | 2,774,510 |  |  | $ | 2,760,250 |
(A)Includes $550.8 million and $585.0 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B)Includes $367.8 million and $405.6 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.The following table summarizes servicer advance investments, including the right to the basic fee component of the related MSRs:
| Amortized Cost Basis |  | Carrying Value(A) |  | Weighted Average Discount Rate |  | Weighted Average Yield |  | Weighted Average Life (Years)(B)
June 30, 2024 |  |  |  |  |  |  |  |  |
Servicer advance investments | $ | 336,131 |  |  | $ | 357,220 |  |  | 6.2 | % |  | 7.0 | % |  | 8.3
December 31, 2023 |  |  |  |  |  |  |  |  |
Servicer advance investments | $ | 362,760 |  |  | $ | 376,881 |  |  | 6.2 | % |  | 6.6 | % |  | 8.1
(A)Represents the fair value of the servicer advance investments, including the basic fee component of the related MSRs. (B)Represents the weighted average expected timing of the receipt of expected net cash flows for this investment. The following table provides additional information regarding the servicer advance investments and related financing:
| UPB of Underlying Residential Mortgage Loans |  | Outstanding Servicer Advances |  | Servicer Advances to UPB of Underlying Residential Mortgage Loans |  | Face Amount of Secured Notes and Bonds Payable |  | Loan-to-Value (“LTV”)(A) |  | Cost of Funds(C)
|  |  |  | Gross |  | Net(B) |  | Gross |  | Net
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicer advance investments(D) | $ | 13,974,237 |  |  | $ | 302,282 |  |  | 2.2 | % |  | $ | 262,069 |  |  | 84.7 | % |  | 82.5 | % |  | 7.3 | % |  | 6.9 | %
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Servicer advance investments(D) | $ | 15,499,559 |  |  | $ | 320,630 |  |  | 2.1 | % |  | $ | 278,845 |  |  | 84.1 | % |  | 81.9 | % |  | 7.5 | % |  | 6.9 | %
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances. (B)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve. (C)Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees. (D)The following table summarizes the types of advances included in servicer advance investments:
|  | June 30, 2024 |  | December 31, 2023
Principal and interest advances |  | $ | 52,686 |  |  | $ | 57,909 |
Escrow advances (taxes and insurance advances) |  | 137,726 |  |  | 149,346 |
Foreclosure advances |  | 111,870 |  |  | 113,375 |
Total |  | $ | 302,282 |  |  | $ | 320,630 |

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