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Mortgage Servicing
 3 Months Ended
Mar. 31, 2023
Transfers and Servicing [Abstract]  
Mortgage Servicing
Note 7 – Mortgage Servicing
MSRs – At Fair Value
Three Months Ended March 31,
20232022
AgencyNon-AgencyTotalAgencyNon-AgencyTotal
Beginning balance$1,931.8 $733.5 $2,665.2 $1,571.8 $678.3 $2,250.1 
Sales— — — (149.3)— (149.3)
Additions:
Recognized on the sale of residential mortgage loans31.1 — 31.1 45.8 — 45.8 
Purchases25.0 — 25.0 46.8 — 46.8 
Servicing transfers and adjustments — — — — (0.8)(0.8)
Net additions (sales)56.1 — 56.1 (56.7)(0.8)(57.5)
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions (42.1)(41.5)(83.6)194.5 9.0 203.5 
Realization of expected cash flows (49.3)(7.8)(57.1)(47.7)(25.2)(72.8)
Fair value gains (losses) recognized in earnings(91.4)(49.3)(140.7)146.8 (16.2)130.7 
Ending balance$1,896.5 $684.2 $2,580.6 $1,661.9 $661.3 $2,323.3 
The following table summarizes delinquency status of the loans underlying our MSRs:
March 31, 2023December 31, 2022
Delinquent loansAgencyNon - AgencyTotalAgencyNon - AgencyTotal
30 days1.4 %7.5 %4.1 %1.7 %8.5 %4.8 %
60 days0.4 3.0 1.6 0.5 3.3 1.8 
90 days or more1.0 8.4 4.3 1.1 8.6 4.5 
Total 30-60-90 days or more2.8 %18.9 %10.0 %3.3 %20.4 %11.1 %
MSR UPB and Fair Value
March 31, 2023December 31, 2022March 31, 2022
Fair ValueUPB ($ billions)Fair ValueUPB ($ billions)Fair ValueUPB ($ billions)
Owned MSRs$1,673.1 $127.6 $1,710.6 $126.2 $1,435.2 $115.7 
Rithm and others transferred MSRs (1) (2)565.7 $46.7 601.2 $47.3 545.3 $51.5 
MAV transferred MSRs (1)341.9 $25.7 353.4 $26.1 342.8 $26.8 
Total MSRs$2,580.6 $200.0 $2,665.2 $199.6 $2,323.3 $194.0 
(1)MSRs subject to sale agreements that do not meet sale accounting criteria. See Note 8 — Other Financing Liabilities, at Fair Value.
(2)At March 31, 2023, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $10.6 billion.
We purchased MSRs with a UPB of $2.0 billion and $4.1 billion from unrelated third-parties during the three months ended March 31, 2023 and 2022, respectively. We sold MSRs, servicing released, with a UPB of $15.8 million and $11.1 billion during the three months ended March 31, 2023 and 2022, respectively, to unrelated third parties, mostly to Freddie Mac under the Voluntary Partial Cancellation (VPC) program for delinquent loans.
Servicing Revenue

Three Months Ended March 31,
20232022
Loan servicing and subservicing fees
Servicing$90.0 $88.5 
Subservicing19.7 14.7 
MAV (1)18.2 16.6 
Rithm and others (1)59.6 67.1 
187.5 187.0 
Ancillary income
Custodial accounts (float earnings)20.2 1.0 
Late charges9.6 10.0 
Reverse subservicing ancillary fees8.1 3.1 
Loan collection fees2.6 2.9 
Recording fees1.2 3.3 
Boarding and deboarding fees0.9 1.8 
GSE forbearance fees0.2 0.2 
Other, net2.0 3.4 
44.7 25.6 
Total Servicing and subservicing fees$232.2 $212.6 
(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 unaudited consolidated balance sheets. Float balances amounted to $1.9 billion, $1.5 billion and $2.1 billion at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.
The following table presents the components of MSR valuation adjustments, net:
Three Months Ended March 31,
20232022
MSR fair value changes due to rates and assumptions (1)$(83.6)$203.5 
MSR realization of expected cash flows (1)(57.0)(72.8)
Total MSR fair value gains (losses)(140.6)130.7 
MSR pledged liability fair value changes due to rates and assumptions38.3 (56.8)
MSR pledged liability realization of expected cash flows14.5 28.3 
Total MSR pledged liability fair value gains (losses) (2) 52.8 (28.5)
ESS financing liability fair value changes due to rates and assumptions(2.1)— 
ESS financing liability realization of expected cash flows6.8 — 
Total ESS financing liability fair value gains (losses) (2)4.7 — 
Derivative fair value gain (loss) (MSR economic hedges)14.1 (66.8)
MSR valuation adjustments, net$(69.0)$35.4 
(1)Includes $0.1 million and $0 in three months ended March 31, 2023 and 2022, respectively, of fair value changes on the reverse MSR liability and other.
(2)Also refer to Note 8 — Other Financing Liabilities, at Fair Value.