XML 20 R10.htm IDEA: XBRL DOCUMENT v3.25.2
Mortgage Servicing Rights
 6 Months Ended
Jun. 30, 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:
June 30,
2025		December 31,
2024
Federal National Mortgage Association$2,673,924 $2,578,587 
Federal Home Loan Mortgage Corporation1,934,707 1,876,095 
Government National Mortgage Association1,329,594 1,259,513 
Federal Home Loan Bank99,145 98,582 
Other1,045 1,169 
Total$6,038,415 $5,813,946 
The activity of MSRs carried at fair value is as follows:
For the three months ended
June 30,
For the six months ended
 June 30,
2025202420252024
Balance, beginning of period$82,927 $78,416 $84,258 $76,701 
Additions:
Servicing resulting from transfers of financial assets4,120 3,266 6,773 5,297 
Changes in fair value:
Due to changes in valuation inputs or assumptions used in the valuation model73 821 (1,316)2,094 
Changes in fair value due to pay-offs, pay-downs, and runoff(2,384)(1,759)(4,979)(3,348)
Balance, end of period$84,736 $80,744 $84,736 $80,744 
The following represents the weighted-average key assumptions used to estimate the fair value of MSRs as of:
June 30,
2025		December 31,
2024		June 30,
2024
Discount rate10.00 %10.09 %10.14 %
Total prepayment speeds8.57 %7.90 %8.14 %
Cost of servicing each loan
$91/per loan
$92/per loan
$91/per loan
Total servicing and ancillary fees earned from the mortgage servicing portfolio is presented in the following table:
For the three months ended
June 30,
For the six months ended
 June 30,
2025202420252024
Servicing fees$4,409 $3,940 $8,669 $7,825 
Late and ancillary fees231 215 476 434 
Total$4,640 $4,155 $9,145 $8,259