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Mortgage Servicing (Tables)

9 Months Ended

Sep. 30, 2021

Transfers and Servicing [Abstract]

Schedule of Activity Related to MSRs - Fair Value Measurement Method

MSRs – At Fair Value			Three Months Ended September 30,
			2021																		2020
			Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	1,408,420					$	664,098					$	2,072,518					$	305,085					$	739,829					$	1,044,914
Sales and other transfers			—						—						—						—						(1)						(1)
Additions:
Recognized on the sale of residential mortgage loans			66,420						—						66,420						22,096						—						22,096
Purchase of MSRs			36,153						—						36,153						32,249						—						32,249
Servicing transfers and adjustments			17						(4,723)						(4,706)						16						—						16
Changes in fair value:
Changes in valuation inputs or assumptions (2)			6,983						67,836						74,819						(4,731)						13,496						8,765
Realization of expected cash flows (2)			(38,186)						(30,758)						(68,944)						(15,051)						(23,975)						(39,026)
Ending balance			$	1,479,807					$	696,453					$	2,176,260					$	339,664					$	729,349					$	1,069,013

MSRs – At Fair Value			Nine Months Ended September 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			—						—						—						—						(108)						(108)
Additions:
Recognized on the sale of residential mortgage loans			136,482						—						136,482						37,785						—						37,785
Purchase of MSRs			806,469						—						806,469						78,994						—						78,994
Servicing transfers and adjustments (1)			73						(6,913)						(6,840)						(263,830)						403						(263,427)
Changes in fair value:
Changes in valuation inputs or assumptions (2)			47,132						73,306						120,438						(166,546)						23,839						(142,707)
Realization of expected cash flows (2)			(89,306)						(85,800)						(175,106)						(60,745)						(67,174)						(127,919)
Ending balance			$	1,479,807					$	696,453					$	2,176,260					$	339,664					$	729,349					$	1,069,013

(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 — MSR Transfers Not Qualifying for Sale Accounting 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 nine months ended September 30, 2020 in the table above has been recast to conform to current year disclosure, resulting in a $9.1 million and $4.0 million gain, respectively, reclassified from Realization of expected cash flows to Changes in valuation inputs or assumptions.

Schedule of Composition of Servicing UPB

			September 30, 2021						June 30, 2021						December 31, 2020						September 30, 2020
Owned MSRs			$	136,316,900					$	148,882,743					$	90,174,495					$	71,301,427
NRZ pledged MSRs (1)			56,141,289						59,038,668						64,061,198						66,782,351
MAV pledged MSRs (1)			13,570,892						—						—						—
Total MSR UPB			$	206,029,081					$	207,921,411					$	154,235,693					$	138,083,778

(1)MSRs subject to sale agreements with NRZ and MAV that do not meet sale accounting criteria. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting.

Schedule of Components of Servicing and Subservicing Fees

Servicing Revenue			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Loan servicing and subservicing fees
Servicing			$	103,094					$	53,410					$	246,363					$	161,154
Subservicing			2,867						10,324						8,971						26,143
MAV			1,575						—						1,575						—
NRZ			75,034						91,015						233,135						299,089
			182,570						154,749						490,044						486,386
Ancillary income
Late charges			10,656						11,012						31,335						38,323
Recording fees			3,726						3,900						10,579						9,828
Loan collection fees			2,858						3,047						8,568						10,048
Boarding and deboarding fees			1,627						4,262						6,830						5,619
Custodial accounts (float earnings)			1,234						1,057						3,547						8,787
Other, net			3,914						3,695						11,859						9,454
			24,015						26,973						72,720						82,059
			$	206,585					$	181,722					$	562,764					$	568,445

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Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

+ 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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