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Mortgage Servicing

6 Months Ended

Jun. 30, 2020

Mortgage Servicing

Mortgage Servicing

Note 6 — Mortgage Servicing

​

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

​

​	​	​	​	​	​	​	​	​	​	​
June 30, 2020										​
Product Concentrations						​	Geographic Concentrations			​
​	​	​	​	​	​	​	​	​	UPB	​
​		​	​		Percent of		​		Percentage
Product	​	UPB (1)		​	Total	​	State	​	of Total	​
Fannie Mae	​	$	15,672,931	​	73	%	Texas	​	18	%
Freddie Mac	​	​	4,560,382		21	%	New York	​	9	%
Private Label (2)	​	​	727,132	​	3	%	North Carolina	​	9	%
FHA	​	​	621,487		3	%	California	​	8	%
Total	​	$	21,581,932	​	100	%	Florida	​	7	%
​	​	​	​	​	​	​	Georgia	​	6	%
​	​	​	​	​	​	​	Other (3)	​	43	%
​	​	​	​	​	​	​	Total	​	100	%

​

​	​	​	​	​	​	​	​	​	​	​
December 31, 2019										​
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 (3)	​	42	%
​	​	​	​	​	​	​	Total	​	100	%

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

(2) Represents loans we service in connection with our Private Label securitization in May 2020 (see Note 4 for details).

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

​

At June 30, 2020 and December 31, 2019, our weighted average servicing fee was 44.1 basis points and 43.8 basis points, respectively. At June 30, 2020 and December 31, 2019, we held total escrow balances of $1.02 billion and $947.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $635.4 million and $562.1 million at June 30, 2020 and December 31, 2019, 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 $1.4 million and $4.5 million during the three and six months ended June 30, 2020, respectively, and $4.1 million and $8.1 million during the three and six months ended June 30, 2019, respectively, and is a component of servicing revenue, net in the consolidated statements of operations.

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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.

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