Mortgage Servicing (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Product and Geographic Concentration

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


June 30, 2023
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	20,002,570	68	%	Texas	12	%
Freddie Mac	5,245,325		18	%	New York	11	%
Private Label	2,305,000		8	%	North Carolina	8	%
FHA	1,303,812		4	%	California	8	%
Bridge (2)	299,578		1	%	Georgia	6	%
SFR - Fixed Rate	290,266		1	%	Florida	5	%
Total	$	29,446,551	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.

Schedule of Components of Servicing Revenue, Net

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Servicing fees	$	31,081	$	31,322	$	60,288	$	63,070
Interest earned on escrows	19,509		1,786		36,516		2,624
Prepayment fees	2,961		15,231		5,036		31,370
Write-offs of MSRs	(5,599)		(12,846)		(8,907)		(25,545)
Amortization of MSRs	(15,605)		(14,779)		(31,020)		(29,750)
Servicing revenue, net	$	32,347	$	20,714	$	61,913	$	41,769