Mortgage Servicing (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Product and Geographic Concentration

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


September 30, 2023
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	20,463,620	68	%	Texas	11	%
Freddie Mac	5,184,888		17	%	New York	11	%
Private Label	2,371,475		8	%	North Carolina	8	%
FHA	1,322,832		5	%	California	8	%
Bridge (2)	305,950		1	%	Georgia	6	%
SFR - Fixed Rate	287,942		1	%	Florida	6	%
Total	$	29,936,707	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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Servicing fees	$	32,191	$	30,631	$	92,479	$	93,702
Interest earned on escrows	20,985		7,450		57,501		10,073
Prepayment fees	1,044		11,218		6,080		42,588
Write-offs of MSRs	(2,857)		(11,773)		(11,764)		(37,318)
Amortization of MSRs	(15,900)		(14,782)		(46,920)		(44,532)
Servicing revenue, net	$	35,463	$	22,744	$	97,376	$	64,513