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Mortgage Servicing | 12 Months Ended
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Dec. 31, 2023
Transfers and Servicing [Abstract] |
Mortgage Servicing | Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):
December 31, 2023
Product Concentrations |  | Geographic Concentrations
Product |  | UPB (1) |  | % of Total |  | State |  | UPB % of Total
Fannie Mae |  | $ | 21,264,578 |  |  | 69 | % |  | Texas |  | 11 | %
Freddie Mac |  | 5,181,933 |  |  | 17 | % |  | New York |  | 11 | %
Private Label |  | 2,510,449 |  |  | 8 | % |  | California |  | 8 | %
FHA |  | 1,359,624 |  |  | 4 | % |  | North Carolina |  | 8 | %
Bridge (2) |  | 379,425 |  |  | 1 | % |  | Georgia |  | 6 | %
SFR - Fixed Rate |  | 287,446 |  |  | 1 | % |  | Florida |  | 6 | %
Total |  | $ | 30,983,455 |  |  | 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 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, 2023 and 2022, our weighted average servicing fee was 39.1 basis points and 41.1 basis points, respectively. At December 31, 2023 and 2022, we held total escrow balances (including unfunded collateralized loan obligation hold backs) of approximately $1.6 billion and $1.7 billion, respectively, of which approximately $1.5 billion is not included in our consolidated balance sheets at both December 31, 2023 and 2022. 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):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Servicing fees | $ | 123,975 |  |  | $ | 123,937 |  |  | $ | 123,758 |
Interest earned on escrows | 77,916 |  |  | 24,436 |  |  | 4,191 |
Prepayment fees | 6,387 |  |  | 48,197 |  |  | 38,221 |
Write-offs of MSRs | (14,736) |  |  | (44,502) |  |  | (32,741) |
Amortization of MSRs | (63,093) |  |  | (59,876) |  |  | (58,615) |
Servicing revenue, net | $ | 130,449 |  |  | $ | 92,192 |  |  | $ | 74,814 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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