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Mortgage Servicing
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Mortgage Servicing
Note 7 — Mortgage Servicing     
During each period, we remeasure our MSRs at fair value, which contemplates the receipt or nonreceipt of the servicing income for that period. The servicing income, including expectations of future servicing cash flows, are inputs for the measurement of the MSR fair value. The net result on the statement of operations is that we record the contractual cash received in each period as revenue within Servicing and subservicing fees, partially offset by the remeasurement of the MSR fair value within MSR valuation adjustments, net.
Mortgage Servicing Rights – Fair Value Measurement Method
Years Ended December 31,
202220212020
Agency
Non-AgencyTotalAgencyNon-AgencyTotalAgencyNon-AgencyTotal
Beginning balance
$1,571.8 $678.3 $2,250.1 $578.9 $715.9 $1,294.8 $714.0 $772.4 $1,486.4 
Sales
(154.4)— (154.4)— — — — (0.1)(0.1)
Additions:
Recognized on the sale of residential mortgage loans
234.7 — 234.7 222.7 — 222.7 68.7 — 68.7 
Purchase of MSRs
181.6 — 181.6 844.1 — 844.1 285.1 — 285.1 
Servicing transfers and adjustments (1)
(24.3)(0.9)(25.3)0.1 (10.9)(10.8)(266.2)0.4 (265.8)
Net additions (sales)237.6 (0.9)236.6 1,067.0 (10.9)1,056.0 87.6 0.3 87.9 
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions
307.8 146.2 454.0 62.4 87.1 149.5 (145.3)37.3 (108.1)
Realization of cash flows
(185.4)(90.1)(275.5)(136.5)(113.7)(250.2)(77.4)(94.0)(171.4)
Fair value gains (losses) recognized in earnings122.4 56.1 178.5 (74.1)(26.7)(100.7)(222.7)(56.8)(279.5)
Ending balance
$1,931.8 $733.5 $2,665.2 $1,571.8 $678.3 $2,250.1 $578.9 $715.9 $1,294.8 
(1)Servicing transfers and adjustments for 2022 include a $39.0 million derecognition of Agency MSRs previously sold to MAV in a transaction which did not qualify for sale accounting treatment. We derecognized the MSRs with a UPB of $2.9 billion from our balance sheet upon the sale of the MSRs by MAV to a third party. Servicing transfers and adjustments for 2020 include a $263.7 million derecognition of MSRs/Rights to MSRs effective with the February 20, 2020 notice of termination of the PMC subservicing agreement by Rithm. See Note 8 — Other Financing Liabilities, at Fair Value for further information.
December 31, 2022December 31, 2021
Delinquent loansAgencyNon - AgencyTotalAgencyNon - AgencyTotal
30 days1.7 %8.5 %4.8 %1.4 %7.2 %4.1 %
60 days0.5 3.3 1.8 0.4 2.8 1.6 
90 days or more1.1 8.6 4.5 1.9 8.0 4.8 
Total 30-60-90 days or more3.3 %20.4 %11.1 %3.7 %18.0 %10.5 %
December 31, 2022December 31, 2021
Fair ValueUPB
($ billions)		Fair ValueUPB
($ billions)
Owned MSRs$1,710.6 $126.2 $1,422.5 $127.9 
Rithm transferred MSRs (1) (2)601.2 47.3 558.9 53.7 
MAV transferred MSRs (1)353.4 26.1 268.7 24.0 
 Total MSRs$2,665.2 $199.6 $2,250.1 $205.6 
(1)MSRs subject to sale agreements with Rithm and MAV that do not meet sale accounting criteria. During 2022 and 2021, we transferred MSRs with a UPB of $7.4 billion and $24.9 billion to MAV. See Note 8 — Other Financing Liabilities, at Fair Value.
(2)At December 31, 2022, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $10.8 billion and the UPB of MSRs transferred to Rithm for which title has passed was $36.4 billion.
We purchased MSRs with a UPB of $15.7 billion, $75.6 billion and $31.7 billion during 2022, 2021 and 2020, respectively. Purchases during 2021 include a bulk MSR acquisition of performing GSE loans from an unrelated third-party effective June 1, 2021, with a UPB and fair value of $46.8 billion and $575.3 million, respectively. We sold MSRs with a UPB of $11.7 billion, $32.0 million and $80.0 million during 2022, 2021 and 2020, respectively, to unrelated third parties, mostly to Freddie Mac under the Voluntary Partial Cancellation (VPC) program for delinquent loans.
The geographic concentration of the UPB of residential loans and real estate we serviced and subserviced at December 31, 2022 was as follows:
(Dollars in billions) (Count in thousands)AmountCount
California$68.9 224.8 
Texas20.8 117.6 
Florida19.3 109.1 
New York19.2 69.9 
New Jersey14.1 56.1 
Other147.5 801.3 
 $289.8 1,378.8 

Years Ended December 31,
Servicing Revenue
202220212020
Loan servicing and subservicing fees
Servicing$337.8 $339.2 $216.3 
Subservicing72.9 21.1 28.9 
MAV (1)72.8 15.7 — 
Rithm (1)255.0 304.2 383.7 
Total loan servicing and subservicing fees738.5 680.3 628.8 
Ancillary income
Late charges41.0 40.9 47.7 
Custodial accounts (float earnings)26.2 4.7 9.9 
Reverse subservicing ancillary income20.4 1.4 — 
Loan collection fees11.1 11.7 12.9 
Recording fees8.5 16.0 14.3 
Boarding and deboarding fees5.8 10.5 11.1 
GSE forbearance fees0.8 1.5 1.2 
Other10.3 14.8 11.3 
Total ancillary income124.1 101.6 108.5 
 $862.6 $781.9 $737.3 
(1)Includes servicing fees related to transferred MSRs and subservicing fees. See Note 8 — Other Financing Liabilities, at Fair Value.
Float balances on which we earn interest, referred to as float earnings (balances in custodial accounts, which represent collections of principal and interest that we receive from borrowers on behalf of investors) are held in escrow by unaffiliated
banks and are excluded from our consolidated balance sheets. Float balances amounted to $1.54 billion, $2.07 billion and $1.74 billion at December 31, 2022, 2021 and 2020, respectively.