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MORTGAGE BANKING OPERATIONS (Tables)
 12 Months Ended
Dec. 31, 2024
Mortgage Banking [Abstract]  
Schedule of loans held for sale and sold
LHFS consisted of the following: 
At December 31,
(in thousands)20242023
Single family $20,312 $12,849 
CRE, multifamily and SBA— 6,788 
Total $20,312 $19,637 
Loans sold consisted of the following for the periods indicated: 
 Years Ended December 31,
(in thousands)20242023
Single family$404,952 $335,751 
CRE, multifamily and SBA(1)
1,103,742 26,839 
Total$1,508,694 $362,590 
(1) 2024 amounts include the sale of $990 million of multifamily loans in the fourth quarter.
Net gain on mortgage loan origination and sale activity
Gain (loss) on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following: 
 Years Ended December 31,
(in thousands)20242023
Single family $9,573 $8,500 
CRE, multifamily and SBA(1)
(86,463)846 
Total $(76,890)$9,346 
(1) 2024 amounts include loss of $88.8 million on the sale of $990 million of multifamily loans in the fourth quarter.
Company's portfolio of loans serviced for others The unpaid principal balance of loans serviced for others is as follows:
At December 31,
(in thousands)20242023
Single family
$5,179,373 $5,316,304 
CRE, multifamily and SBA1,918,172 1,900,039 
Total$7,097,545 $7,216,343 
Schedule of mortgage repurchase losses The following is a summary of changes in the Company's mortgage repurchase liability for single family loans sold on a servicing-retained basis included in accounts payable and other liabilities on the consolidated balance sheet for the periods indicated:
 Years Ended December 31,
(in thousands)20242023
Balance, beginning of period$1,481 $2,232 
Additions, net of adjustments (1)
(284)(330)
Realized losses (2)
(165)(421)
Balance, end of period$1,032 $1,481 
(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.
Revenue from mortgage servicing, including the effects of derivative risk management instruments
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following:
 
 Years Ended December 31,
(in thousands)20242023
Servicing income, net:
Servicing fees and other$25,798 $26,134 
Amortization of single family MSRs (1)
(6,500)(6,378)
Amortization of multifamily and SBA MSRs(5,612)(5,778)
Total13,686 13,978 
Risk management, single family MSRs:
Changes in fair value of MSRs due to assumptions (2)
1,743 414 
Net gain (loss) from economic hedging (3)
(2,932)(1,744)
Total(1,189)(1,330)
Loan servicing income $12,497 $12,648 
(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 reflected 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 $1.2 million and $1.4 million in 2024 and 2023, respectively.
Changes in single family MSRs measured at fair value The changes in single family MSRs measured at fair value are as follows:
 
 Years Ended December 31,
(in thousands)20242023
Beginning balance$74,249 $76,617 
Additions and amortization:
Originations
3,409 3,136 
Purchases
— 460 
Amortization (1)
(6,500)(6,378)
Net additions and amortization
(3,091)(2,782)
Changes in fair value assumptions (2)
1,743 414 
Ending balance$72,901 $74,249 
(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 initial FV of capitalized single family MSRs
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows:
 
Years Ended December 31,
(rates per annum) (1)
20242023
Constant prepayment rate ("CPR") (2)
18.07 %14.89 %
Discount rate10.23 %11.99 %
(1)Based on a weighted average.
(2)Represents the expected lifetime average CPR used in the model.
Key economic assumptions used in measuring the initial fair value of capitalized multifamily MSRs were as follows:
 
Years Ended December 31,
(rates per annum) (1)
20242023
Discount rate13.10 %13.00 %
(1)Based on a weighted average.
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets
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 December 31, 2024At December 31, 2023
Range of Inputs
Average (1)
Range of Inputs
Average (1)
CPRs
6.00% - 13.50%
6.60 %
6.80%- 32.50%
7.00 %
Discount Rates
10.00% - 17.00%
11.00 %
10.00% -17.00%
10.00 %
(1) Weighted averages of all the inputs within the range.

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

(dollars in thousands)At December 31, 2024
Fair value of single family MSRs$72,901 
Expected weighted-average life (in years)8.37
CPR
Impact on fair value of 25 basis points adverse change in interest rates$(759)
Impact on fair value of 50 basis points adverse change in interest rates$(1,594)
Discount rate
Impact on fair value of 100 basis points increase$(2,133)
Impact on fair value of 200 basis points increase$(4,669)
 
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:

At December 31, 2024At December 31, 2023
Range of Inputs
Average (1)
Range of Inputs
Average (1)
Discount Rates
13.00% - 15.00%
13.10 %
13.00% - 15.00%
13.00 %
(1) Weighted averages of all the inputs within the range.
Changes in multifamily MSRs measured at the lower of amortized cost or fair value
The changes in multifamily and SBA MSRs measured at LOCOM or fair value were as follows:
 
Years Ended December 31,
(in thousands)20242023
Beginning balance$29,987 $35,256 
Origination
2,190 509 
Amortization
(5,612)(5,778)
Ending balance$26,565 $29,987 
Projected amortization expense for the gross carrying value of multifamily MSRs Projected amortization expense for the gross carrying value of multifamily and SBA MSRs is estimated as follows:
 
(in thousands)At December 31, 2024
2025$5,278 
20264,807 
20274,101 
20283,645 
20293,286 
2030 and thereafter
5,448 
Carrying value of multifamily and SBA MSRs$26,565