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Mortgage Servicing

12 Months Ended

Dec. 31, 2019

Mortgage Servicing

Mortgage Servicing

Note 6—Mortgage Servicing

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

December 31, 2019
Product Concentrations							Geographic Concentrations
					Percent of				UPB Percent
Product		UPB (1)			Total		State		of Total
Fannie Mae		$	14,832,844		74	%	Texas		19	%
Freddie Mac			4,534,714		23	%	North Carolina		9	%
FHA			691,519		3	%	New York		9	%
Total		$	20,059,077		100	%	California		9	%
							Florida		6	%
							Georgia		6	%
							Other(2)		42	%
							Total		100	%

December 31, 2018
Product Concentrations							Geographic Concentrations
					Percent of				UPB Percent
Product		UPB (1)			Total		State		of Total
Fannie Mae		$	13,562,667		73	%	Texas		20	%
Freddie Mac			4,394,287		24	%	North Carolina		10	%
FHA			644,687		3	%	New York		8	%
Total		$	18,601,641		100	%	California		8	%
							Georgia		6	%
							Florida		6	%
							Other(2)		42	%
							Total		100	%

(1) Excludes loans which we are not collecting a servicing fee.

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

At December 31, 2019 and 2018, our weighted average servicing fee was 43.8 basis points and 45.2 basis points, respectively. At December 31, 2019 and 2018, we held total escrow balances of $947.1 million and $824.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $562.1 million and $521.2 million at December 31, 2019 and 2018, 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 $17.3 million, $12.8 million and $5.2 million during 2019, 2018 and 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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