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Mortgage Servicing

9 Months Ended

Sep. 30, 2018

Mortgage Servicing

Mortgage Servicing

Note 6 — Mortgage Servicing

Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):

September 30, 2018
Product Concentrations							Geographic Concentrations
									UPB
					Percent of				Percentage
Product		UPB			Total		State		of Total
Fannie Mae		$	13,195,643		74	%	Texas		21	%
Freddie Mac			3,977,619		22	%	North Carolina		10	%
FHA			621,419		4	%	California		8	%
Total		$	17,794,681		100	%	New York		8	%
							Georgia		6	%
							Florida		6	%
							Other (1)		41	%
							Total		100	%

December 31, 2017
Product Concentrations							Geographic Concentrations
									UPB
					Percent of				Percentage
Product		UPB			Total		State		of Total
Fannie Mae		$	12,502,699		77	%	Texas		22	%
Freddie Mac			3,166,134		20	%	North Carolina		10	%
FHA			537,482		3	%	California		8	%
Total		$	16,206,315		100	%	New York		8	%
							Georgia		6	%
							Florida		6	%
							Other (1)		40	%
							Total		100	%

(1) No other individual state represented 4% or more of the total.

At September 30, 2018 and December 31, 2017, our weighted average servicing fee was 46.2 basis points and 47.7 basis points, respectively. At September 30, 2018 and December 31, 2017, we held total escrow balances of $806.6 million and $750.8 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $567.3 million and $477.9 million at September  30, 2018 and December 31, 2017, respectively, related to loans we are servicing within our Agency Business. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, was $3.7 million and $8.6 million during the three and nine months ended September 30, 2018, respectively, and $1.5 million and $3.3 million during the three and nine months ended September 30, 2017, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-URI http://asc.fasb.org/topic&trid=2197590

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