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Mortgage Servicing (Tables)
 3 Months Ended
Mar. 31, 2020
Transfers and Servicing [Abstract]  
Schedule of Activity Related to MSRs - Fair Value Measurement Method
MSRs – Fair Value Measurement Method
Three Months Ended March 31,
2020
 
2019
 
Agency
 
Non-Agency
 
Total
 
Agency
 
Non-Agency
 
Total
Beginning balance
$
714,006

 
$
772,389

 
$
1,486,395

 
$
865,587

 
$
591,562

 
$
1,457,149

Sales and other transfers
—

 
(56
)
 
(56
)
 
(435
)
 
(132
)
 
(567
)
Additions:
 
 
 
 
 
 
 
 
 
 
 
Recognized on the sale of residential mortgage loans
5,930

 
—

 
5,930

 
1,407

 
—

 
1,407

Purchase of MSRs
31,490

 
—

 
31,490

 
54,513

 
—

 
54,513

Servicing transfers and adjustments (1)
(263,630
)
 
(893
)
 
(264,523
)
 
—

 
(3,313
)
 
(3,313
)
Changes in fair value (2):
 
 
 
 
 
 
 
 
 
 
 
Changes in valuation inputs or other assumptions
(166,532
)
 
10,392

 
(156,140
)
 
(64,117
)
 
(156
)
 
(64,273
)
Realization of expected future cash flows and other changes
(27,037
)
 
(25,831
)
 
(52,868
)
 
(31,263
)
 
(13,462
)
 
(44,725
)
Ending balance
$
294,227

 
$
756,001

 
$
1,050,228

 
$
825,692

 
$
574,499

 
$
1,400,191

 
 
 
 
 
 
 
 
 
 
 
 
(1)
Servicing transfers and adjustments include a $263.7 million derecognition of MSRs/Rights to MSRs effective with the February 20, 2020 termination of the subservicing agreement between NRZ and PMC. See Note 8 — Rights to MSRs for further information.
(2)
Changes in fair value are recognized in MSR valuation adjustments, net in the unaudited consolidated statements of operations.
Schedule of Composition of Servicing and Subservicing Portfolios by Type of Property Serviced
The following table presents the composition of our primary servicing and subservicing portfolios as measured by UPB. The UPB amounts in the table below are not included on our unaudited consolidated balance sheets, with the exception of the Reverse mortgage loans.
 
UPB at
 
March 31, 2020
 
December 31, 2019
 
March 31, 2019
Servicing
$
70,718,538

 
$
70,428,208

 
$
69,616,987

Reverse mortgage loan servicing (1)
6,432,003

 
6,229,724

 
5,671,103

Subservicing
17,676,677

 
17,120,905

 
49,805,407

NRZ (2) (3)
113,934,122

 
118,587,594

 
125,987,243

 
$
208,761,340

 
$
212,366,431

 
$
251,080,740


(1)
Reverse mortgage loans are reported on our unaudited consolidated balance sheets and are classified as loans held for investment. No separate MSRs are recognized in our unaudited consolidated balance sheets.
(2)
UPB of loans for which the Rights to MSRs have been sold to NRZ, including $55.6 billion for which third-party consents have been received and the MSRs have been transferred to NRZ (the MSRs remain on balance sheet as the transactions do not achieve sale accounting treatment).
(3)
Includes $40.0 billion of servicing UPB at March 31, 2020 pursuant to the subservicing agreement between NRZ and PMC for which we received a notice of termination from NRZ on February 20, 2020. While the MSRs and the Rights to MSRs associated with these loans are derecognized from our consolidated balance sheet, we continue to service these loans until deboarding. See Note 8 — Rights to MSRs.
Schedule of Components of Servicing and Subservicing Fees
Servicing Revenue
Three Months Ended March 31,
2020
 
2019
Loan servicing and subservicing fees
 
 
 
Servicing
$
55,408

 
$
53,345

Subservicing
5,190

 
6,207

NRZ
119,669

 
155,847

 
180,267

 
215,399

Late charges
14,639

 
15,439

Custodial accounts (float earnings)
6,141

 
11,934

Loan collection fees
4,256

 
4,349

Home Affordable Modification Program (HAMP) fees (1)
408

 
1,777

Other, net
5,772

 
7,881

 
$
211,483

 
$
256,779


(1)
The HAMP expired on December 31, 2016. Borrowers who had requested assistance or to whom an offer of assistance had been extended as of that date had until September 30, 2017 to finalize their modification. We continue to earn HAMP success fees for HAMP modifications that remain less than 90 days delinquent at the first-, second- and third-year anniversary of the start of the trial modification.