XML 41 R31.htm IDEA: XBRL DOCUMENT v3.24.3
Mortgage Servicing (Tables)
 9 Months Ended
Sep. 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):
September 30, 2024
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$22,526,022 68 %New York11 %
Freddie Mac5,820,026 18 %Texas11 %
Private Label2,619,485 8 %North Carolina8 %
FHA1,390,766 4 %California7 %
Bridge (2)380,379 1 %Georgia6 %
SFR - Fixed Rate275,081 1 %Florida6 %
Total$33,011,759 100 %New Jersey5 %
Other (3)46 %
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 September 30,Nine Months Ended September 30,
2024202320242023
Servicing fees$31,159 $32,191 $94,089 $92,479 
Interest earned on escrows18,362 20,985 54,011 57,501 
Prepayment fees413 1,044 1,205 6,080 
Write-downs and payoffs of MSRs(1,493)(2,857)(5,911)(11,764)
Amortization of MSRs(17,299)(15,900)(50,817)(46,920)
Servicing revenue, net$31,142 $35,463 $92,577 $97,376