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SERVICING RIGHTS, AT FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2025
Transfers and Servicing [Abstract]  
Summary of Outstanding Principal Balance of Servicing Rights
The outstanding principal balance of the servicing portfolio was comprised of the following:
September 30,
2025		December 31,
2024
Agency
$64,376,842 $65,092,009 
Government41,814,053 39,909,978 
Other
12,037,251 10,969,997 
Total servicing portfolio$118,228,146 $115,971,984 
Summary of Changes in Servicing Rights
A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Balance at beginning of period$1,616,854 $1,566,463 $1,615,510 $1,985,718 
Servicing rights additions
69,163 62,039 188,789 176,529 
Sales proceeds, net
(11,642)(8,466)(27,478)(503,777)
Changes in fair value:
Due to changes in valuation inputs or assumptions(12,007)(52,557)(35,551)(8,690)
Due to collection/realization of cash flows(44,154)(41,498)(123,162)(119,783)
Realized gains (losses) on sale of servicing rights(1)
45 32 151 (3,984)
Total changes in fair value
(56,116)(94,023)(158,562)(132,457)
Balance at end of period(2)
$1,618,259 $1,526,013 $1,618,259 $1,526,013 
(1)    Includes realized MSR sale gain and broker fees.
(2)    Servicing assets of $1.6 billion and $1.5 billion at September 30, 2025 and September 30, 2024, respectively, are presented net of servicing liabilities of $19.7 million and $16.7 million, respectively.
Summary of Components of Loan Servicing Fee Income
The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Contractual servicing fees$87,034 $90,769 $252,815 $279,911 
Late, ancillary and other fees24,749 33,364 71,455 93,362 
Servicing fee income$111,783 $124,133 $324,270 $373,273 
Summary of Components of Changes in Fair Value of Servicing Rights
The following is a summary of the components of change in fair value of servicing rights, net of hedge as reported in the Company’s consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Changes in fair value:
Due to collection/realization of cash flows$(44,154)$(41,498)$(123,162)$(119,783)
Due to changes in valuation inputs or assumptions(12,007)(52,557)(35,551)(8,690)
Realized gains (losses) on sale of servicing rights
45 32 151 (2,980)
Net (losses) gains from derivatives hedging servicing rights
10,129 37,624 19,369 (23,876)
Valuation changes in servicing rights, net of hedging gains and losses
(1,833)(14,901)(16,031)(35,546)
Other realized losses on sales of servicing rights (1)
(211)(164)(484)(7,290)
Changes in fair value of servicing rights, net$(46,198)$(56,563)$(139,677)$(162,619)
(1)Includes the (provision) recovery for estimated losses and broker fees on MSR sales.
Servicing Rights Sensitivity Analysis
The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


September 30,
2025		December 31,
2024
Fair Value of Servicing Rights, net$1,618,259 $1,615,510 
Change in Fair Value from adverse changes:
Discount Rate:
Increase 1%(61,983)(62,832)
Increase 2%(121,186)(122,064)
Cost of Servicing:
Increase 10%(18,304)(17,403)
Increase 20%(36,720)(34,857)
Prepayment Speed:
Increase 10%(19,219)(16,609)
Increase 20%(38,167)(32,518)