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Other Investments (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Summary of Other Investments
Other investments at March 31, 2020 and December 31, 2019 are summarized in the following table.
Table 10.1 – Components of Other Investments
(In Thousands)
 
March 31, 2020
 
December 31, 2019
Servicer advance investments
 
$
298,946

 
$
169,204

Shared home appreciation options
 
40,642

 
45,085

Excess MSRs
 
31,788

 
31,814

Mortgage servicing rights
 
23,616

 
42,224

Investment in multifamily loan fund
 
15,731

 
39,802

Other
 
35,497

 
30,001

Total Other Investments
 
$
446,220

 
$
358,130
Components of Servicer Advance Investments The servicer advance receivables were comprised of the following types of advances at March 31, 2020 and December 31, 2019:
Table 10.2 – Components of Servicer Advance Receivables
(In Thousands)
 
March 31, 2020
 
December 31, 2019
Principal and interest advances
 
$
113,612

 
$
15,081

Escrow advances (taxes and insurance advances)
 
117,876

 
96,732

Corporate advances
 
51,255

 
39,769

Total Servicer Advance Receivables
 
$
282,743

 
$
151,582
Income from Mortgage Servicing Rights, Net
The following table presents activity for MSRs for the three months ended March 31, 2020 and 2019.
Table 10.3 – Activity for MSRs
 
 
Three Months Ended March 31,
(In Thousands)
 
2020
 
2019
Balance at beginning of period
 
$
42,224

 
$
60,281

Additions
 
—

 
104

Changes in fair value due to:
 
 
 
 
Changes in assumptions (1)
 
(16,746
)
 
(3,586
)
Other changes (2)
 
(1,862
)
 
(1,515
)
Balance at End of Period
 
$
23,616

 
$
55,284

(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 (loss) for the three months ended March 31, 2020 and 2019.
Table 10.4 – Components of MSR Income (Loss), net
 
 
Three Months Ended March 31,
(In Thousands)
 
2020
 
2019
Servicing income
 
$
3,311

 
$
3,610

Cost of sub-servicer
 
(478
)
 
(503
)
Net servicing fee income
 
2,833

 
3,107

Market valuation changes of MSRs
 
(18,608
)
 
(5,101
)
Market valuation changes of associated derivatives
 
13,966

 
2,251

MSR Income (Loss), Net (1)
 
$
(1,809
)
 
$
257

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