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Mortgage Servicing (Tables)
 6 Months Ended
Jun. 30, 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):
June 30, 2025
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$22,999,772 68 %New York11 %
Freddie Mac6,100,091 18 %Texas11 %
Private Label2,599,971 8 %North Carolina8 %
FHA1,497,551 4 %California7 %
SFR - Fixed Rate287,065 1 %Georgia6 %
Bridge (2)278,116 1 %Florida6 %
Total$33,762,566 100 %New Jersey6 %
Other (3)45 %
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.
(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,
2025202420252024
Servicing fees$32,887 $31,149 $65,430 $62,930 
Interest earned on escrows13,512 17,896 26,402 35,650 
Prepayment fees863 383 1,897 792 
Write-offs and payoffs of MSRs(2,058)(2,631)(5,164)(4,418)
Amortization of MSRs(17,767)(16,887)(35,525)(33,518)
Servicing revenue, net$27,437 $29,910 $53,040 $61,436