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Mortgage Servicing Rights | 3 Months Ended
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Mar. 31, 2025
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. The unpaid principal loan balance of our servicing portfolio is presented in the following table as of:
| March 31, 2025 |  | December 31, 2024
Federal National Mortgage Association | $ | 2,624,052 |  |  | $ | 2,578,587 |
Federal Home Loan Mortgage Corporation | 1,890,016 |  |  | 1,876,095 |
Government National Mortgage Association | 1,286,264 |  |  | 1,259,513 |
Federal Home Loan Bank | 99,669 |  |  | 98,582 |
Other | 1,146 |  |  | 1,169 |
Total | $ | 5,901,147 |  |  | $ | 5,813,946 |
The activity of MSRs carried at fair value is as follows:
| For the three months ended March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |
Balance, beginning of period | $ | 84,258 |  |  | $ | 76,701 |  |  |  |  |  |  |  |  |
Additions: |  |  |  |  |  |  |  |  |  |  |
Servicing resulting from transfers of financial assets | 2,653 |  |  | 2,031 |  |  |  |  |  |  |  |  |
Changes in fair value: |  |  |  |  |  |  |  |  |  |  |
Due to changes in valuation inputs or assumptions used in the valuation model | (1,389) |  |  | 1,273 |  |  |  |  |  |  |  |  |
Changes in fair value due to pay-offs, pay-downs, and runoff | (2,595) |  |  | (1,589) |  |  |  |  |  |  |  |  |
Balance, end of period | $ | 82,927 |  |  | $ | 78,416 |  |  |  |  |  |  |  |  |
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2024 |  |
Discount rate | 10.14 | % |  | 10.09 | % |  | 10.12 | % |  |
Total prepayment speeds | 8.62 | % |  | 7.90 | % |  | 8.02 | % |  |
Cost of servicing each loan | $93/per loan |  | $92/per loan |  | $90/per loan |  |
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table:
| For the three months ended March 31, |  |  |  |  |  |
| 2025 |  | 2024 |  |  |  |  |  |  |  |
Servicing fees | $ | 4,260 |  |  | $ | 3,885 |  |  |  |  |  |  |  |  |
Late and ancillary fees | 245 |  |  | 219 |  |  |  |  |  |  |  |  |
Total | $ | 4,505 |  |  | $ | 4,104 |  |  |  |  |  |  |  |  |

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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