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Mortgage Servicing (Tables)
3 Months Ended
Mar. 31, 2026
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, 2026
Product ConcentrationsGeographic Concentrations
Product UPB (1)% of Total StateUPB % of Total
Fannie Mae$24,261,724 67 %New York13 %
Freddie Mac7,368,979 20 %Texas10 %
Private Label2,554,209 %North Carolina%
FHA1,584,644 %California%
Bridge (2)277,523 %Florida%
SFR - Fixed Rate264,008 %New Jersey%
Total$36,311,087 100 %Georgia%
Other (3)45 %
Total100 %
December 31, 2025
Fannie Mae$24,085,960 66 %New York13 %
Freddie Mac7,455,088 21 %Texas10 %
Private Label2,558,048 %North Carolina%
FHA1,549,483 %California%
Bridge (2)277,738 %Florida%
SFR - Fixed Rate277,490 %Georgia%
Total$36,203,807 100 %New Jersey%
Illinois%
Other (3)41 %
Total100 %
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(1)Excludes loans which we are not collecting a servicing fee.
(2)Represents bridge loans sold by our Structured Business that we are servicing.
(3)No other individual state represented 4% or more of the total.
Schedule of Components of Servicing Revenue, Net
The components of servicing revenue, net are as follows ($ in thousands):
Three Months Ended March 31,
20262025
Servicing fees$33,948 $32,543 
Interest earned on escrows10,219 12,890 
Prepayment fees913 1,034 
Write-offs and payoffs of MSRs(1,047)(3,106)
Amortization of MSRs(18,293)(17,758)
Servicing revenue, net$25,740 $25,603