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Mortgage Servicing

3 Months Ended

Mar. 31, 2023

Mortgage Servicing

Mortgage Servicing

Note 6 — Mortgage Servicing

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

​

​	​	​	​	​	​	​	​	​	​	​
March 31, 2023										​
Product Concentrations						​	Geographic Concentrations			​
​	​	​	​	​	​	​	​	​	UPB	​
Product		UPB (1)			% of Total		State		% of Total	​
Fannie Mae	​	$	19,508,256	​	67	%	Texas	​	12	%
Freddie Mac	​	​	5,180,607		18	%	New York	​	11	%
Private Label	​	​	2,233,500		8	%	California	​	8	%
FHA	​	​	1,242,669	​	4	%	North Carolina	​	8	%
Bridge (2)	​	​	467,881	​	2	%	Georgia	​	6	%
SFR - Fixed Rate	​	​	279,712	​	1	%	Florida	​	5	%
Total	​	$	28,912,625	​	100	%	New Jersey	​	5	%
​	​	​	​	​	​	​	Illinois	​	4	%
​	​	​	​	​	​	​	Other (3)	​	41	%
​	​	​	​	​	​	​	Total	​	100	%

​

​	​	​	​	​	​	​	​	​	​	​
December 31, 2022										​
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	%

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

(2) Represents bridge loans that were either sold by our Structured Business or refinanced by a third-party lender which we retained the right to service.

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

​

At March 31, 2023 and December 31, 2022, our weighted average servicing fee was 40.3 basis points and 41.1 basis points, respectively. At March 31, 2023 and December 31, 2022, we held total escrow balances (including unfunded CLO holdbacks) of approximately $1.5 billion and $1.7 billion, respectively, of which approximately $1.3 billion and $1.5 billion, respectively, is not included in our consolidated balance sheets. 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, which is 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, is included as a component of servicing revenue, net in the consolidated statements of income as noted in the following table.

The components of servicing revenue, net are as follows (in thousands):

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​	​	​	​	​	​	​
​		Three Months Ended March 31,
​	​	2023			2022
Servicing fees	​	$	29,210	​	$	31,748
Interest earned on escrows	​		17,003	​		837
Prepayment fees	​	​	2,075	​	​	16,138
Write-offs of MSRs	​	​	(3,307)	​	​	(12,697)
Amortization of MSRs	​		(15,416)	​		(14,972)
Servicing revenue, net	​	$	29,565	​	$	21,054

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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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