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Mortgage Servicing

12 Months Ended

Dec. 31, 2022

Mortgage Servicing

Mortgage Servicing

Note 6 – Mortgage Servicing

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

​

​	​	​	​	​	​	​	​	​	​	​
December 31, 2022										​
Product Concentrations						​	Geographic Concentrations			​
​	​	​	​	​	​	​	​	​	UPB	​
Product		UPB (1)			% of Total		State		% of Total	​
Fannie Mae	​	$	19,038,124	​	68	%	Texas	​	11	%
Freddie Mac	​	​	5,153,207		18	%	New York	​	11	%
Private Label	​	​	2,074,859		8	%	California	​	8	%
FHA	​	​	1,155,893	​	4	%	North Carolina	​	8	%
Bridge (2)	​	​	301,182	​	1	%	Georgia	​	6	%
SFR - Fixed Rate	​	​	274,764	​	1	%	Florida	​	5	%
Total	​	$	27,998,029	​	100	%	New Jersey	​	5	%
​	​	​	​	​	​	​	Illinois	​	4	%
​	​	​	​	​	​	​	Other (3)	​	42	%
​	​	​	​	​	​	​	Total	​	100	%

​

​	​	​	​	​	​	​	​	​	​	​
December 31, 2021										​
Fannie Mae		$	19,127,397		71	%	Texas		12	%
Freddie Mac	​	​	4,943,905	​	18	%	New York	​	11	%
Private Label	​	​	1,711,326	​	6	%	North Carolina	​	9	%
FHA	​	​	985,063	​	4	%	California	​	8	%
SFR - Fixed Rate	​	​	191,698	​	1	%	Georgia	​	6	%
Total	​	$	26,959,389	​	100	%	Florida	​	6	%
​	​	​	​	​	​	​	New Jersey	​	6	%
​	​	​	​	​	​	​	Other (3)	​	42	%
​	​	​	​	​	​	​	Total	​	100	%

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

(2) Represents four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details.

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

At December 31, 2022 and 2021, our weighted average servicing fee was 41.1 basis points and 44.9 basis points, respectively. At December 31, 2022 and 2021, we held total escrow balances of $1.25 billion and $1.40 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $677.4 million and $682.5 million at December 31, 2022 and 2021, 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 $24.4 million, $4.2 million and $7.1 million during 2022, 2021 and 2020, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

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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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