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Mortgage Servicing (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2024
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$22,114,193 69 %New York11 %
Freddie Mac5,587,178 17 %Texas11 %
Private Label2,547,308 8 %North Carolina8 %
FHA1,369,507 4 %California7 %
Bridge (2)380,547 1 %Georgia7 %
SFR - Fixed Rate279,962 1 %Florida6 %
Total$32,278,695 100 %New Jersey5 %
Illinois4 %
Other (3)41 %
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 %
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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):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Servicing fees$31,149 $31,081 $62,930 $60,288 
Interest earned on escrows17,896 19,509 35,650 36,516 
Prepayment fees383 2,961 792 5,036 
Write-downs and payoffs of MSRs(2,631)(5,599)(4,418)(8,907)
Amortization of MSRs(16,887)(15,605)(33,518)(31,020)
Servicing revenue, net$29,910 $32,347 $61,436 $61,913