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Mortgage Servicing (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$22,683,885 68 %New York11 %
Freddie Mac6,123,074 18 %Texas11 %
Private Label2,603,122 8 %North Carolina8 %
FHA1,519,675 4 %California7 %
Bridge (2)278,293 1 %Georgia6 %
SFR - Fixed Rate276,839 1 %Florida6 %
Total$33,484,888 100 %New Jersey5 %
Other (3)46 %
Total100 %
December 31, 2024
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 %
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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 March 31,
20252024
Servicing fees$32,543 $31,780 
Interest earned on escrows12,890 17,754 
Prepayment fees1,034 410 
Write-offs and payoffs of MSRs(3,106)(1,787)
Amortization of MSRs(17,758)(16,631)
Servicing revenue, net$25,603 $31,526