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MORTGAGE LOAN SERVICING

3 Months Ended

Mar. 31, 2025

MORTGAGE LOAN SERVICING

MORTGAGE LOAN SERVICING

5. MORTGAGE LOAN SERVICING

​

The Company sells residential mortgages to government-sponsored enterprises and other parties. The Company retains no beneficial interests in these loans, but it may retain the servicing rights of the loans sold. Mortgage loans serviced for others are not included in the accompanying unaudited interim Consolidated Balance Sheets. The risks inherent in MSRs relate primarily to changes in prepayments that generally result from shifts in mortgage interest rates. The unpaid principal balance of mortgage loans serviced for others was $3.31 billion and $3.36 billion as of March 31, 2025 and December 31, 2024, respectively.

​

The Company accounts for MSRs at fair value. The Company obtains and reviews valuations from an independent third party to determine the fair value of MSRs. Key assumptions used in the estimation of fair value include prepayment speeds, discount rates, and default rates. At March 31, 2025 and December 31, 2024, the following weighted average assumptions were used in the calculation of fair value of MSRs:

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​	​	​	​	​	​
​	​	March 31,	​	December 31,	​
​		2025		2024
Prepayment speed	​	7.90	%	7.67	%
Discount rate	​	9.92	​	9.97	​
Default rate	​	1.85	​	1.83	​

​

The following summarizes changes to MSRs for the three months ended March 31, 2025 and 2024:

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2025		​	2024
​	​	(in thousands)
​	​	​	​	​	​	​	​
Balance, beginning of period	​	$	44,500	​	$	46,111	​
Additions	​	​	53	​	​	211	​
Changes in fair value due to:	​	​	​	​	​	​	​
Reductions from loans paid off during the period	​	​	(782)	​	​	(769)	​
Changes in valuation inputs or assumptions	​	​	(1,151)	​	​	1,044	​
Balance, end of period	​	$	42,620	​	$	46,597	​

​

Contractually specified servicing fees, net of subservicing expense, included in other mortgage banking income amounted to $1.8 million and $2.0 million for the three ended March 31, 2025 and 2024, respectively.

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- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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