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Mortgage Servicing (Tables)
 12 Months Ended
Dec. 31, 2023
Transfers and Servicing [Abstract]  
Schedule of Product and Geographic Concentrations in Servicing Revenue
Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):
December 31, 2023
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$21,264,578 69 %Texas11 %
Freddie Mac5,181,933 17 %New York11 %
Private Label2,510,449 8 %California8 %
FHA1,359,624 4 %North Carolina8 %
Bridge (2)379,425 1 %Georgia6 %
SFR - Fixed Rate287,446 1 %Florida6 %
Total$30,983,455 100 %New Jersey5 %
Illinois4 %
Other (3)41 %
Total100 %
December 31, 2022
Fannie Mae$19,038,124 68 %Texas11 %
Freddie Mac5,153,207 18 %New York11 %
Private Label2,074,859 8 %California8 %
FHA1,155,893 4 %North Carolina8 %
Bridge (2)301,182 1 %Georgia6 %
SFR - Fixed Rate274,764 1 %Florida5 %
Total$27,998,029 100 %New Jersey5 %
Illinois4 %
Other (3)42 %
Total100 %
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(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.
Schedule of Components of Servicing Revenue, Net
The components of servicing revenue, net are as follows (in thousands):
Year Ended December 31,
202320222021
Servicing fees$123,975 $123,937 $123,758 
Interest earned on escrows77,916 24,436 4,191 
Prepayment fees6,387 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