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Mortgage Servicing (Tables)

3 Months Ended

Mar. 31, 2021

Transfers and Servicing [Abstract]

Schedule of Activity Related to MSRs - Fair Value Measurement Method

MSRs – Fair Value Measurement Method			Three Months Ended March 31,
			2021																		2020
			Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	578,957					$	715,860					$	1,294,817					$	714,006					$	772,389					$	1,486,395
Sales and other transfers			—						—						—						—						(56)						(56)
Additions:
Recognized on the sale of residential mortgage loans			34,260						—						34,260						5,930						—						5,930
Purchase of MSRs			36,778						—						36,778						31,490						—						31,490
Servicing transfers and adjustments (1)			29						(557)						(528)						(263,630)						(893)						(264,523)
Changes in fair value:
Changes in valuation inputs or assumptions (2)			82,486						1,529						84,015						(166,532)						5,871						(160,661)
Realization of expected cash flows (2)			(23,847)						(25,278)						(49,125)						(27,037)						(21,310)						(48,347)
Ending balance			$	708,663					$	691,554					$	1,400,217					$	294,227					$	756,001					$	1,050,228

(1)Servicing transfers and adjustments include a $263.7 million derecognition of MSRs effective with the February 20, 2020 notice of termination of the subservicing agreement between NRZ and PMC. See Note 8 — Rights to MSRs for further information.

(2)Effective January 1, 2021, changes in fair value due to actual vs. model variances are presented as Changes in valuation inputs or assumptions. Activity for the three months ended March 31,2020 in the table above has been recast to conform to current year disclosure, resulting in a $4.5 million loss reclassified from Realization of expected cash flows to Changes in valuation inputs or assumptions.

Schedule of Composition of Servicing UPB

			March 31, 2021						December 31, 2020						March 31, 2020
Owned MSRs			91,284,985						$	90,174,495					$	70,741,200
NRZ pledged MSRs (1)			61,841,181						64,061,198						70,914,910
Total MSR UPB			$	153,126,166					$	154,235,693					$	141,656,110

(1)MSRs subject to sale agreements with NRZ that do not meet sale accounting criteria. See Note 8 — Rights to MSRs.

Schedule of Components of Servicing and Subservicing Fees

Servicing Revenue			Three Months Ended March 31,
			2021						2020
Loan servicing and subservicing fees
Servicing			$	63,892					$	55,408
Subservicing			3,487						5,190
NRZ			80,385						119,669
			147,764						180,267
Ancillary income
Late charges			9,231						14,639
Custodial accounts (float earnings)			1,008						6,141
Loan collection fees			2,949						4,256
Recording fees			3,651						2,558
Other, net			7,135						3,622
			23,974						31,216
			$	171,738					$	211,483

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746

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