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Mortgage Servicing (Tables)

6 Months Ended

Jun. 30, 2021

Transfers and Servicing [Abstract]

Schedule of Activity Related to MSRs - Fair Value Measurement Method

MSRs – At Fair Value			Three Months Ended June 30,
			2021																		2020
			Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	708,663					$	691,554					$	1,400,217					$	294,227					$	756,001					$	1,050,228
Sales and other transfers			—						—						—						—						(51)						(51)
Additions:
Recognized on the sale of residential mortgage loans			35,802						—						35,802						9,128						—						9,128
Purchase of MSRs			733,538						—						733,538						15,255						—						15,255
Servicing transfers and adjustments			27						(1,633)						(1,606)						11						1,296						1,307
Changes in fair value:
Changes in valuation inputs or assumptions (2)			(42,337)						3,941						(38,396)						5,321						4,471						9,792
Realization of expected cash flows (2)			(27,273)						(29,764)						(57,037)						(18,857)						(21,889)						(40,746)
Ending balance			$	1,408,420					$	664,098					$	2,072,518					$	305,085					$	739,828					$	1,044,913

MSRs – At Fair Value			Six Months Ended June 30,
			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			—						—						—						—						(107)						(107)
Additions:
Recognized on the sale of residential mortgage loans			70,062						—						70,062						15,689						—						15,689
Purchase of MSRs			770,316						—						770,316						46,745						—						46,745
Servicing transfers and adjustments (1)			56						(2,190)						(2,134)						(263,846)						403						(263,443)
Changes in fair value:
Changes in valuation inputs or assumptions (2)			40,149						5,470						45,619						(161,815)						10,342						(151,473)
Realization of expected cash flows (2)			(51,120)						(55,042)						(106,162)						(45,694)						(43,199)						(88,893)
Ending balance			$	1,408,420					$	664,098					$	2,072,518					$	305,085					$	739,828					$	1,044,913

(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 and six months ended June 30, 2020 in the table above has been recast to conform to current year disclosure, resulting in a $9.5 million and $5.0 million gain, respectively, reclassified from Realization of expected cash flows to Changes in valuation inputs or assumptions.

Schedule of Composition of Servicing UPB

			June 30, 2021						March 31, 2021						December 31, 2020						June 30, 2020
Owned MSRs			148,882,743						$	91,284,985					$	90,174,495					$	70,243,789
NRZ pledged MSRs (1)			59,038,668						61,841,181						64,061,198						68,490,109
Total MSR UPB			$	207,921,411					$	153,126,166					$	154,235,693					$	138,733,898

(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 June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Loan servicing and subservicing fees
Servicing			$	79,377					$	52,336					$	143,269					$	107,745
Subservicing			2,617						10,630						6,104						15,820
NRZ			77,716						88,405						158,101						208,073
			159,710						151,371						307,474						331,638
Ancillary income
Late charges			11,447						12,672						20,679						27,311
Recording fees			3,202						3,369						6,854						5,927
Loan collection fees			2,761						2,744						5,711						7,000
Boarding and deboarding fees			2,184						1,077						5,203						1,356
Custodial accounts (float earnings)			1,306						1,590						2,313						7,731
Other, net			3,831						2,417						7,945						5,760
			24,731						23,869						48,705						55,085
			$	184,441					$	175,240					$	356,179					$	386,723

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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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