Other Investments (Tables)

3 Months Ended

Mar. 31, 2019

Other investments at March 31, 2019 and December 31, 2018 are summarized in the following table.

Table 10.1 – Components of Other Investments



(In Thousands)	March 31, 2019		December 31, 2018
Servicer advance investments	$	303,920	$	300,468
Mortgage servicing rights	55,284		60,281
Excess MSRs	28,992		27,312
Investment in multifamily loan fund	22,416		—
Other notes receivable	3,586		—
Participation in loan warehouse facility	—		39,703
Investment in 5 Arches	—		10,754
Total Other Investments	$	414,198	$	438,518

Components of Servicer Advance Receivables



(In Thousands)	March 31, 2019		December 31, 2018
Principal and interest advances	$	122,339	$	144,336
Escrow advances (taxes and insurance advances)	105,776		94,828
Corporate advances	53,647		47,614
Total Servicer Advance Receivables	$	281,762	$	286,778

Activity for MSRs



	Three Months Ended March 31,
(In Thousands)	2019			2018
Balance at beginning of period	$	60,281		$	63,598
Additions	104			—
Changes in fair value due to:
Changes in assumptions ⁽¹⁾	(3,586		)	4,346
Other changes ⁽²⁾	(1,515		)	(1,448		)
Balance at End of Period	$	55,284		$	66,496


(1)	Primarily reflects changes in prepayment assumptions due to changes in market interest rates.


(2)	Represents changes due to the realization of expected cash flows.

The following table presents the components of our MSR income for the three months ended March 31, 2019 and 2018.

Table 10.4 – Components of MSR Income, net



	Three Months Ended March 31,
(In Thousands)	2019			2018
Servicing income	$	3,610		$	3,796
Cost of sub-servicer	(503		)	(592		)
Net servicing fee income	3,107			3,204
Market valuation changes of MSRs	(5,101		)	2,892
Market valuation changes of associated derivatives	2,251			(5,139		)
MSR Income, Net ⁽¹⁾	$	257		$	957


(1)	MSR income, net is included in Other income, net on our consolidated statements of income.