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Capitalized Mortgage Servicing Rights (Tables) | 12 Months Ended
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Dec. 31, 2023
Transfers and Servicing [Abstract] |
Summary of Capitalized MSR Activity | A summary of our capitalized MSR activity is as follows (in thousands):
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022
| Originated |  | Acquired |  | Total |  | Originated |  | Acquired |  | Total
Beginning balance | $ | 386,878 |  |  | $ | 14,593 |  |  | $ | 401,471 |  |  | $ | 395,573 |  |  | $ | 27,161 |  |  | $ | 422,734 |
Additions | 67,612 |  |  | — |  |  | 67,612 |  |  | 83,115 |  |  | — |  |  | 83,115 |
Amortization | (59,182) |  |  | (3,911) |  |  | (63,093) |  |  | (53,449) |  |  | (6,427) |  |  | (59,876) |
Write-downs and payoffs | (12,726) |  |  | (2,010) |  |  | (14,736) |  |  | (38,361) |  |  | (6,141) |  |  | (44,502) |
Ending balance | $ | 382,582 |  |  | $ | 8,672 |  |  | $ | 391,254 |  |  | $ | 386,878 |  |  | $ | 14,593 |  |  | $ | 401,471 |
Summary of Expected Amortization of Capitalized MSRs Recorded | The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands):
Year |  | Amortization
2024 |  | $ | 65,500 |
2025 |  | 62,514 |
2026 |  | 56,969 |
2027 |  | 52,366 |
2028 |  | 45,188 |
Thereafter |  | 108,717 |
Total |  | $ | 391,254 |
At December 31, 2023, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows ($ in thousands):
| Wtd. Avg. Remaining Life (in years) |  | Estimated Amortization Expense for the Years Ending December 31,
|  | 2024 |  | 2025 |  | 2026 |  | 2027 |  |
Finite‑lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Broker relationships | 0.5 |  | $ | 1,693 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Borrower relationships | 2.5 |  | 1,440 |  |  | 1,440 |  |  | 780 |  |  | — |  |  |
Below market leases | 3.2 |  | 126 |  |  | 126 |  |  | 126 |  |  | 21 |  |  |
| 2.0 |  | $ | 3,259 |  |  | $ | 1,566 |  |  | $ | 906 |  |  | $ | 21 |  |  |

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- Definition Tabular disclosure of activity in the balance of servicing assets subsequently measured at amortized cost. Includes, but is not limited to, beginning and ending balances, additions, disposals, and amortization. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 860 -SubTopic 50 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481229/860-50-50-4 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
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