XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Mortgage Servicing (Tables)
 3 Months Ended
Mar. 31, 2024
Transfers and Servicing [Abstract]  
Schedule of Product and Geographic Concentration
Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):
March 31, 2024
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$21,548,221 69 %New York11 %
Freddie Mac5,301,291 17 %Texas11 %
Private Label2,524,013 8 %North Carolina8 %
FHA1,365,329 4 %California7 %
Bridge (2)380,712 1 %Georgia6 %
SFR - Fixed Rate265,429 1 %Florida6 %
Total$31,384,995 100 %New Jersey5 %
Illinois4 %
Other (3)42 %
Total100 %
December 31, 2023
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 %
________________________
(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):
Three Months Ended March 31,
20242023
Servicing fees$31,780 $29,210 
Interest earned on escrows17,754 17,003 
Prepayment fees410 2,075 
Write-offs of MSRs(1,787)(3,307)
Amortization of MSRs(16,631)(15,416)
Servicing revenue, net$31,526 $29,565