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Other Investments (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, All Other Investments [Abstract]  
Summary of Other Investments
Other investments at June 30, 2019 and December 31, 2018 are summarized in the following table.
Table 10.1 – Components of Other Investments
(In Thousands)
 
June 30, 2019
 
December 31, 2018
Servicer advance investments
 
$
259,222

 
$
300,468

Mortgage servicing rights
 
47,396

 
60,281

Excess MSRs
 
33,620

 
27,312

Investment in multifamily loan fund
 
28,678

 
—

Other notes receivable
 
3,214

 
—

Participation in loan warehouse facility
 
—

 
39,703

Investment in 5 Arches
 
—

 
10,754

Total Other Investments
 
$
372,130

 
$
438,518
Components of Servicer Advance Investments Components of Servicer Advance Receivables
(In Thousands)
 
June 30, 2019
 
December 31, 2018
Principal and interest advances
 
$
91,707

 
$
144,336

Escrow advances (taxes and insurance advances)
 
95,071

 
94,828

Corporate advances
 
49,854

 
47,614

Total Servicer Advance Receivables
 
$
236,632

 
$
286,778
Income from Mortgage Servicing Rights, Net Activity for MSRs
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Balance at beginning of period
 
$
55,284

 
$
66,496

 
$
60,281

 
$
63,598

Additions
 
764

 
—

 
868

 
—

Sales
 
—

 
(1,077
)
 
—

 
(1,077
)
Changes in fair value due to:
 
 
 
 
 
 
 
 
Changes in assumptions (1)
 
(6,555
)
 
943

 
(10,141
)
 
5,289

Other changes (2)
 
(2,097
)
 
(1,688
)
 
(3,612
)
 
(3,136
)
Balance at End of Period
 
$
47,396

 
$
64,674

 
$
47,396

 
$
64,674

(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 and six months ended June 30, 2019 and 2018.
Table 10.4 – Components of MSR Income, net
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(In Thousands)
 
2019
 
2018
 
2019
 
2018
Servicing income
 
$
3,850

 
$
3,802

 
$
7,460

 
$
7,597

Cost of sub-servicer
 
(268
)
 
(338
)
 
(771
)
 
(930
)
Net servicing fee income
 
3,582

 
3,464

 
6,689

 
6,667

Market valuation changes of MSRs
 
(8,652
)
 
(745
)
 
(13,753
)
 
2,147

Market valuation changes of associated derivatives
 
6,517

 
(1,122
)
 
8,768

 
(6,261
)
MSR reversal of provision for repurchases
 
207

 
277

 
207

 
277

MSR Income, Net (1)
 
$
1,654

 
$
1,874

 
$
1,911

 
$
2,830

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