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Mortgage Servicing Rights
 3 Months Ended
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 Corporation1,890,016 1,876,095 
Government National Mortgage Association1,286,264 1,259,513 
Federal Home Loan Bank99,669 98,582 
Other1,146 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,
20252024
Balance, beginning of period$84,258 $76,701 
Additions:
Servicing resulting from transfers of financial assets2,653 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 rate10.14 %10.09 %10.12 %
Total prepayment speeds8.62 %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,
20252024
Servicing fees$4,260 $3,885 
Late and ancillary fees245 219 
Total$4,505 $4,104