
(in thousands)	At March 31, 2024		At December 31, 2023

Single family	$	19,023	$	12,849
CRE, multifamily and SBA	2,079		6,788
Total	$	21,102	$	19,637


	Quarter Ended March 31,
(in thousands)	2024		2023

Single family	$	70,379	$	63,473
CRE, multifamily and SBA	8,196		8,750
Total	$	78,575	$	72,223

Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following:


	Quarter Ended March 31,
(in thousands)	2024		2023

Single family	$	1,986	$	2,218
CRE, multifamily and SBA	320		192
Total	$	2,306	$	2,410

The Company's portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. The unpaid principal balance of loans serviced for others is as follows:


(in thousands)	At March 31, 2024		At December 31, 2023

Single family	$	5,280,531	$	5,316,304
CRE, multifamily and SBA	1,895,718		1,900,039
Total	$	7,176,249	$	7,216,343

The following is a summary of changes in the Company's liability for estimated single-family mortgage repurchase losses:


	Quarter Ended March 31,
(in thousands)	2024		2023

Balance, beginning of period	$	1,481	$	2,232
Additions, net of adjustments (1)	(128)		(143)
Realized (losses) recoveries, net (2)	(36)		(300)
Balance, end of period	$	1,317	$	1,789

(1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans.

(2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses.

The Company has agreements with certain investors to advance scheduled principal and interest amounts on delinquent loans. Advances are also made to fund the foreclosure and collection costs of delinquent loans prior to the recovery of reimbursable amounts from investors or borrowers. Advances of $3.1 million and $2.9 million were recorded in other assets as of March 31, 2024 and December 31, 2023, respectively.

When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company records the balance of the loans as other assets and other liabilities. At March 31, 2024 and December 31, 2023, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated balance sheets totaled $5.9 million and $5.6 million, respectively.

Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:


	Quarter Ended March 31,
(in thousands)	2024		2023

Servicing income, net:
Servicing fees and other	$	6,354	$	6,669
Amortization of single family MSRs (1)	(1,428)		(1,684)
Amortization of multifamily and SBA MSRs	(1,402)		(1,554)
Total	3,524		3,431
Risk management, single family MSRs:
Changes in fair value of MSRs due to assumptions (2)	618		(311)
Net gain (loss) from economic hedging (3)	(1,110)		(81)
Total	(492)		(392)
Loan servicing income	$	3,032	$	3,039

(1) Represents changes due to collection/realization of expected cash flows and curtailments.

(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.

(3) The interest income from US Treasury notes securities used for hedging purposes, which is included in interest income on the consolidated income statements, was $0.3 million and $0.4 million for the quarters ended March 31, 2024 and 2023, respectively.


	Quarter Ended March 31,
(in thousands)	2024		2023

Beginning balance	$	74,249	$	76,617
Additions and amortization:
Originations	617		619
Purchases	—		460
Amortization (1)	(1,428)		(1,684)
Net additions and amortization	(811)		(605)
Changes in fair value assumptions (2)	618		(311)
Ending balance	$	74,056	$	75,701

(1) Represents changes due to collection/realization of expected cash flows and curtailments.

(2) Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates.

Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows:


	Quarter Ended March 31,
(rates per annum) (1)	2024		2023

Constant prepayment rate ("CPR") (2)	19.30	%	11.20	%
Discount rate	10.18	%	9.94	%

For single family MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below:


	At March 31, 2024			At December 31, 2023
	Range of Inputs	Average (1)		Range of Inputs	Average (1)

CPRs (2)	6.20% - 33.00%	6.60	%	6.80% - 32.50%	7.00	%
Discount Rates	10.00% - 16.00%	10.64	%	10.00% - 17.00%	10.00	%

To compute hypothetical sensitivities of the value of our single family MSRs to immediate adverse changes in key assumptions, we computed the impact of changes to CPRs and in discount rates as outlined below:


(dollars in thousands)	At March 31, 2024

Fair value of single family MSR	$	74,056
Expected weighted-average life (in years)	8.49
CPR
Impact on fair value of 25 basis points adverse change in interest rates	$	(621)
Impact on fair value of 50 basis points adverse change in interest rates	$	(1,344)
Discount rate
Impact on fair value of 100 basis points increase	$	(1,952)
Impact on fair value of 200 basis points increase	$	(4,627)

The changes in multifamily and SBA MSRs measured at the lower of amortized cost or fair value were as follows:


	Quarter Ended March 31,
(in thousands)	2024		2023

Beginning balance	$	29,987	$	35,256
Originations	278		137
Amortization	(1,402)		(1,554)
Ending balance	$	28,863	$	33,839

Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:

For multifamily MSRs, we use a discounted cash flow valuation technique which utilizes CPRs and discount rates as significant unobservable inputs as noted in the table below. Multifamily DUS loans typically contain yield maintenance features that significantly reduce loan prepayments, driving a CPR of zero.


	At March 31, 2024			At December 31, 2023

	Range of Inputs	Average (1)		Range of Inputs	Average (1)

Discount Rates	13.00% - 13.00%	13.00	%	13.00% - 13.00%	13.00	%