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Mortgage Servicing Rights
 9 Months Ended
Sep. 30, 2023
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights Mortgage Servicing Rights
We have investments in mortgage servicing rights (“MSRs”) that result from the sale of loans to the secondary market for which we retain the servicing. We account for these MSRs at their fair value. A primary risk associated with MSRs is the potential reduction in fair value as a result of higher than anticipated prepayments due to loan refinancing prompted, in part, by declining interest rates or government intervention. Conversely, these assets generally increase in value in a rising interest rate environment to the extent that prepayments are slower than anticipated. We utilize derivatives as economic hedges to offset changes in the fair value of the MSRs resulting from the actual or anticipated changes in prepayments stemming from changing interest rate environments.
The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
September 30,
2023		December 31, 2022
Federal National Mortgage Association$2,486,363 $2,517,434 
Federal Home Loan Mortgage Corporation1,720,075 1,630,403 
Government National Mortgage Association1,071,769 916,455 
Federal Home Loan Bank106,410 111,699 
Other1,278 1,413 
Total$5,385,895 $5,177,404 
The activity of MSRs carried at fair value is as follows:
For the three months ended September 30,
For the nine months ended
 September 30,
2023202220232022
Balance, beginning of period$78,390 $66,047 $74,097 $47,392 
Additions:
Servicing resulting from transfers of financial assets2,690 3,489 7,634 11,681 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model1,762 6,270 4,440 21,142 
Changes in fair value due to pay-offs, pay-downs, and runoff(1,806)(1,956)(5,135)(6,365)
Balance, end of period$81,036 $73,850 $81,036 $73,850 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
September 30,
2023		December 31,
2022		September 30,
2022
Discount rate10.27 %9.85 %9.34 %
Total prepayment speeds7.30 %7.40 %7.43 %
Cost of servicing each loan
$90/per loan
$88/per loan
$87/per loan
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table:
For the three months ended September 30,
For the nine months ended
 September 30,
2023202220232022
Servicing fees$3,758 $4,111 $11,064 $10,807 
Late and ancillary fees196 123 550 264 
Total$3,954 $4,234 $11,614 $11,071