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Mortgage Servicing (Tables)

12 Months Ended

Dec. 31, 2021

Transfers and Servicing [Abstract]

Summary of Activity Related to Fair Value Servicing Assets

Mortgage Servicing Rights – Fair Value Measurement Method			Years Ended December 31,
			2021																		2020																		2019
			Agency						Non-Agency						Total						Agency						Non-Agency						Total						Agency						Non-Agency						Total
Beginning balance			$	578,957					$	715,860					$	1,294,817					$	714,006					$	772,389					$	1,486,395					$	865,587					$	591,562					$	1,457,149
Sales			—						—						—						—						(143)						(143)						(3,578)						(766)						(4,344)
Additions:
Recognized on the sale of residential mortgage loans			222,715						—						222,715						68,734						—						68,734						8,795						—						8,795
Purchase of MSRs			844,122						—						844,122						285,134						—						285,134						153,505						—						153,505
Servicing transfers and adjustments (1)			117						(10,899)						(10,782)						(266,248)						403						(265,845)						—						(7,309)						(7,309)
Changes in fair value:
Changes in valuation inputs or assumptions (2)			62,437						87,077						149,514						(145,308)						37,257						(108,051)						(192,323)						268,208						75,885
Realization of cash flows (2)			(136,511)						(113,728)						(250,239)						(77,361)						(94,046)						(171,407)						(117,980)						(79,306)						(197,286)
Ending balance			$	1,571,837					$	678,310					$	2,250,147					$	578,957					$	715,860					$	1,294,817					$	714,006					$	772,389					$	1,486,395

(1)Servicing transfers and adjustments include a $263.7 million derecognition of MSRs/Rights to MSRs effective with the February 20, 2020 notice of termination of the PMC subservicing agreement by NRZ. 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 versus model variances are presented as Changes in valuation inputs or assumptions. Activity for 2020 and 2019 in the table above has been recast to conform to current year disclosure, resulting in a $1.8 million and $18.1 million gain, respectively, reclassified from Realization of expected cash flows to Changes in valuation inputs or assumptions.

Schedule of Composition of Primary Servicing and Subservicing Portfolios by Type of Property Serviced as Measured by UPB

			December 31, 2021												December 31, 2020
			Fair Value						UPB						Fair Value						UPB
Owned MSRs			$	1,422,546					$	127,919,800					$	727,865					$	90,174,495
NRZ transferred MSRs (1) (2)			558,940						53,652,843						566,952						64,061,198
MAV transferred MSRs (1)			268,661						24,018,904						—						—
Total MSR UPB			$	2,250,147					$	205,591,547					$	1,294,817					$	154,235,693

(1)MSRs subject to sale agreements with NRZ and MAV that do not meet sale accounting criteria. During 2021, we transferred MSRs with a UPB of $24.9 billion to MAV. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting.

(2)At December 31, 2021, the title of the MSR transferred to NRZ is retained by Ocwen for $12.1 billion of UPB and transferred to NRZ for $41.5 billion of UPB.

Summary of Geographic Distributions of UPB and Count of Residential Loans and Real Estate Serviced

The geographic concentration of the UPB of residential loans and real estate we serviced at December 31, 2021 was as follows:

			Amount						Count
California			$	43,935,174					154,632
Texas			17,016,955						104,502
Florida			13,754,741						91,391
New York			12,701,419						53,132
New Jersey			10,382,601						44,175
Other			107,800,657						654,355
			$	205,591,547					1,102,187

Schedule of Components of Servicing and Subservicing Fees

			Years Ended December 31,
Servicing Revenue			2021						2020						2019
Loan servicing and subservicing fees
Servicing			$	339,233					$	216,263					$	227,490
Subservicing			21,120						28,886						15,459
MAV (2)			15,708						—						—
NRZ (2)			304,248						383,685						577,015
Total loan servicing and subservicing fees			680,309						628,834						819,964
Ancillary income
Late charges			40,869						47,687						57,194
Recording fees			16,013						14,281						13,029
Loan collection fees			11,724						12,919						15,539
Boarding and deboarding fees			10,522						11,122						3,254
Custodial accounts (float earnings)			4,739						9,939						47,562
GSE forbearance fees			1,537						1,204						—
Reverse subservicing ancillary income			1,411						—						—
Home Affordable Modification Program (HAMP) fees (1)			638						565						5,538
Other			14,179						10,769						13,427
Total ancillary income			101,632						108,486						155,543
			$	781,941					$	737,320					$	975,507

(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.

(2)Includes servicing and subservicing fees related to transferred MSRs. See Note 8 — MSR Transfers Not Qualifying for Sale Accounting.

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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)
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