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Mortgage Servicing | 6 Months Ended
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Jun. 30, 2021
Mortgage Servicing |
Mortgage Servicing | Note 6 — Mortgage Servicing ​ Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
June 30, 2021 | ​
Product Concentrations | ​ | Geographic Concentrations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | UPB | ​
​ |  | ​ | ​ |  | Percent of |  | ​ |  | Percentage |
Product | ​ | UPB (1) | ​ | Total | ​ | State | ​ | of Total | ​
Fannie Mae | ​ | $ | 19,191,969 | ​ | 74 | % | Texas | ​ | 15 | %
Freddie Mac | ​ | ​ | 4,708,457 |  | 18 | % | New York | ​ | 11 | %
Private Label (2) | ​ | ​ | 1,176,627 |  | 5 | % | North Carolina | ​ | 9 | %
FHA | ​ | ​ | 882,899 | ​ | 3 | % | California | ​ | 8 | %
SFR - Fixed Rate | ​ | ​ | 75,103 | ​ | <1 | % | Florida | ​ | 6 | %
Total | ​ | $ | 26,035,055 | ​ | 100 | % | Georgia | ​ | 6 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | New Jersey | ​ | 5 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Other (3) | ​ | 40 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | 100 | %
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, 2020 | ​
Fannie Mae |  | $ | 18,268,268 |  | 74 | % | Texas |  | 16 | %
Freddie Mac | ​ | ​ | 4,881,080 | ​ | 20 | % | New York | ​ | 9 | %
FHA | ​ | ​ | 752,116 | ​ | 3 | % | North Carolina | ​ | 9 | %
Private Label | ​ | ​ | 726,992 | ​ | 3 | % | California | ​ | 9 | %
Total | ​ | $ | 24,628,456 | ​ | 100 | % | Florida | ​ | 7 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Georgia | ​ | 6 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | New Jersey | ​ | 4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Other (3) | ​ | 40 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | Total | ​ | 100 | %
(1) | Excludes loans which we are not collecting a servicing fee.
(2) | Represents loans we service in connection with our Private Label securitizations (see Note 4 for details).
(3) | No other individual state represented 4% or more of the total.
​ At June 30, 2021 and December 31, 2020, our weighted average servicing fee was 45.9 basis points and 45.4 basis points, respectively. At June 30, 2021 and December 31, 2020, we held total escrow balances of $1.53 billion and $1.29 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $810.2 million and $867.6 million at June 30, 2021 and December 31, 2020, 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 $1.1 million and $2.2 million during the three and six months ended June 30, 2021, respectively, and $1.4 million and $4.5 million during the three and six months ended June 30, 2020, respectively, and is a component of servicing revenue, net in the consolidated statements of operations.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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