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Mortgage Servicing (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$22,730,056 67 %Texas11 %
Freddie Mac6,077,020 18 %New York11 %
Private Label2,605,980 8 %California8 %
FHA1,506,948 5 %North Carolina7 %
Bridge (2)278,494 1 %Georgia6 %
SFR - Fixed Rate271,859 1 %Florida6 %
Total$33,470,357 100 %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 %
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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,
202420232022
Servicing fees$129,092 $123,975 $123,937 
Interest earned on escrows70,742 77,916 24,436 
Prepayment fees2,984 6,387 48,197 
Write-offs and payoffs of MSRs(8,500)(14,736)(44,502)
Amortization of MSRs(68,422)(63,093)(59,876)
Servicing revenue, net$125,896 $130,449 $92,192