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Other Investments (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, All Other Investments [Abstract]  
Summary of Other Investments
Other investments at December 31, 2019 and December 31, 2018 are summarized in the following table.
Table 10.1 – Components of Other Investments
(In Thousands)
 
December 31, 2019
 
December 31, 2018
Servicer advance investments
 
$
169,204

 
$
300,468

Shared home appreciation options
 
45,085

 
—

Mortgage servicing rights
 
42,224

 
60,281

Investment in multifamily loan fund
 
39,802

 
—

Excess MSRs
 
31,814

 
27,312

Participation in loan warehouse facility
 
—

 
39,703

Investment in 5 Arches
 
—

 
10,754

Other
 
30,001

 
—

Total Other Investments
 
$
358,130

 
$
438,518
Components of Servicer Advance Investments The servicer advance receivables were comprised of the following types of advances at December 31, 2019 and December 31, 2018:
Table 10.2 – Components of Servicer Advance Receivables
(In Thousands)
 
December 31, 2019
 
December 31, 2018
Principal and interest advances
 
$
15,081

 
$
144,336

Escrow advances (taxes and insurance advances)
 
96,732

 
94,828

Corporate advances
 
39,769

 
47,614

Total Servicer Advance Receivables
 
$
151,582

 
$
286,778
Income from Mortgage Servicing Rights, Net
The following table presents activity for MSRs for the years ended December 31, 2019, 2018, and 2017.
Table 10.3 – Activity for MSRs
 
 
Years Ended December 31,
(In Thousands)
 
2019
 
2018
 
2017
Balance at beginning of period
 
$
60,281

 
$
63,598

 
$
118,526

Additions
 
868

 
328

 
8,026

Sales
 
—

 
(1,077
)
 
(52,788
)
Changes in fair value due to:
 
 
 
 
 
 
Changes in assumptions (1)
 
(10,659
)
 
4,434

 
(1,088
)
Other changes (2)
 
(8,266
)
 
(7,002
)
 
(9,078
)
Balance at End of Period
 
$
42,224

 
$
60,281

 
$
63,598

(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 years ended December 31, 2019, 2018, and 2017.
Table 10.4 – Components of MSR Income, net
 
 
Years Ended December 31,
(In Thousands)
 
2019
 
2018
 
2017
Servicing income
 
$
15,038

 
$
15,372

 
$
21,120

Cost of sub-servicer
 
(1,465
)
 
(1,444
)
 
(2,828
)
Net servicing fee income
 
13,573

 
13,928

 
18,292

Market valuation changes of MSRs
 
(18,856
)
 
(2,508
)
 
(10,166
)
Market valuation changes of associated derivatives (1)
 
8,596

 
(4,734
)
 
(568
)
MSR reversal of provision for repurchases
 
208

 
390

 
302

MSR Income, Net
 
$
3,521

 
$
7,076

 
$
7,860

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