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Mortgage Servicing | 12 Months Ended
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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 revenue, including expectations of future servicing cash flows, are inputs for the measurement of the MSR fair value. The net result on the statements 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. The following table presents the composition of our MSR portfolio: MSR UPB and Fair Value
| December 31, 2023 |  | December 31, 2022
| Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions)
Owned MSRs | $ | 1,604.6 |  |  | $ | 122.7 |  |  | $ | 1,710.6 |  |  | $ | 126.2 |
Rithm and others transferred MSRs (1) (2) | 244.8 |  |  | 18.1 |  |  | 601.2 |  |  | 47.3 |
MAV transferred MSRs (1) | 422.8 |  |  | 28.8 |  |  | 353.4 |  |  | 26.1 |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 667.6 |  |  | 46.9 |  |  | 954.6 |  |  | 73.4 |
Total MSRs | $ | 2,272.2 |  |  | $ | 169.7 |  |  | $ | 2,665.2 |  |  | $ | 199.6 |
(1)MSRs subject to sale agreements that do not meet sale accounting criteria. See Note 8 — Other Financing Liabilities, at Fair Value. (2)At December 31, 2023, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $9.9 billion.
Mortgage Servicing Rights, At Fair Value |  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Beginning balance |  | $ | 2,665.2 |  |  | $ | 2,250.1 |  |  | $ | 1,294.8 |
Sales |  | 0.1 |  |  | (154.4) |  |  | — |
Additions: |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  | 183.0 |  |  | 234.7 |  |  | 222.7 |
Purchase of MSRs |  | 109.9 |  |  | 181.6 |  |  | 844.1 |
Servicing transfers and adjustments (1) (2) |  | (454.3) |  |  | (25.3) |  |  | (10.8) |
Net additions (sales) |  | (161.3) |  |  | 236.6 |  |  | 1,056.0 |
Changes in fair value recognized in earnings: |  |  |  |  |  |
Changes in valuation inputs or assumptions |  | 6.4 |  |  | 454.0 |  |  | 149.5 |
Realization of cash flows |  | (238.1) |  |  | (275.5) |  |  | (250.2) |
Fair value gains (losses) recognized in earnings |  | (231.7) |  |  | 178.5 |  |  | (100.7) |
Ending balance |  | $ | 2,272.2 |  |  | $ | 2,665.2 |  |  | $ | 2,250.1 |
(1)On December 31, 2023, we derecognized $421.7 million non-Agency MSRs and Pledged MSR liability associated with Rithm servicing agreements with a UPB of $33.4 billion for which MSR sale accounting criteria was met (specifically, the parties may cancel or decline to renew the servicing agreements after a reasonable period). See Note 8 — Other Financing Liabilities, at Fair Value. (2)During 2023 and 2022, upon the sale of GSE MSRs by MAV to third parties, we derecognized $32.5 million and $39.0 million, respectively, of those GSE MSRs that were previously sold to MAV in transactions and did not qualify for sale accounting treatment. See Note 8 — Other Financing Liabilities, at Fair Value for further information. The following table summarizes the delinquency status of loans underlying our MSRs:
| December 31, 2023 |  | December 31, 2022
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
Total MSR UPB (in billions) | $ | 127.3 |  |  | $ | 18.6 |  |  | $ | 23.8 |  |  | $ | 169.7 |  |  | $ | 124.5 |  |  | $ | 13.1 |  |  | $ | 62.0 |  |  | $ | 199.6 |
30 days | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | % |  | 0.9 | % |  | 6.4 | % |  | 8.5 | % |  | 4.8 | %
60 days | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |  |  | 0.2 |  |  | 2.2 |  |  | 3.3 |  |  | 1.8 |
90 days or more | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |  |  | 0.5 |  |  | 4.6 |  |  | 8.6 |  |  | 4.5 |
Total 30-60-90 days or more | 1.9 | % |  | 11.8 | % |  | 21.2 | % |  | 7.5 | % |  | 1.6 | % |  | 13.2 | % |  | 20.4 | % |  | 11.1 | %
The geographic concentration of the UPB of residential loans and real estate underlying our MSRs at December 31, 2023 was as follows:
(Dollars in billions) (Count in thousands) | Amount |  | Count
California | $ | 35.0 |  |  | 113.7 |
Texas | 16.0 |  |  | 77.2 |
Florida | 10.7 |  |  | 53.9 |
New York | 7.6 |  |  | 30.1 |
New Jersey | 8.3 |  |  | 32.6 |
Other | 92.1 |  |  | 456.9 |
| $ | 169.7 |  |  | 764.3 |
The following table summarizes the components of our servicing and subservicing fee revenue:
| Years Ended December 31,
Servicing Revenue | 2023 |  | 2022 |  | 2021
Loan servicing and subservicing fees |  |  |  |  |
Servicing | $ | 347.7 |  |  | $ | 337.8 |  |  | $ | 339.2 |
Subservicing | 71.6 |  |  | 72.9 |  |  | 21.1 |
MAV - Subservicing | 7.9 |  |  | 5.2 |  |  | 1.5 |
MAV - Servicing / Transferred MSR (1) | 67.4 |  |  | 67.6 |  |  | 14.2 |
Rithm and others - Servicing / Transferred MSR (1) | 241.5 |  |  | 255.0 |  |  | 304.2 |
| 736.0 |  |  | 738.5 |  |  | 680.3 |
Ancillary income |  |  |  |  |
Late charges | 38.3 |  |  | 41.0 |  |  | 40.9 |
Custodial accounts (float earnings) | 110.7 |  |  | 26.2 |  |  | 4.7 |
Reverse subservicing ancillary fees | 33.5 |  |  | 20.4 |  |  | 1.4 |
Loan collection fees | 9.4 |  |  | 11.1 |  |  | 11.7 |
Recording fees | 4.9 |  |  | 8.5 |  |  | 16.0 |
Boarding and deboarding fees | 4.3 |  |  | 5.8 |  |  | 10.5 |
GSE forbearance fees | 0.8 |  |  | 0.8 |  |  | 1.5 |
Other | 9.4 |  |  | 10.3 |  |  | 14.8 |
| 211.3 |  |  | 124.1 |  |  | 101.6 |
Total Servicing and subservicing fees | $ | 947.3 |  |  | $ | 862.6 |  |  | $ | 781.9 |
Owned MSR and Subservicing | $ | 615.7 |  |  | $ | 525.4 |  |  | $ | 462.9 |
Transferred MSR (1) (2) | 331.6 |  |  | 337.2 |  |  | 319.0 |
(1)Includes servicing fees collected on behalf of respective parties related to transferred MSRs that do not achieve sale accounting. See Note 8 — Other Financing Liabilities, at Fair Value. (2)Includes $22.7 million, $14.7 million and $0.6 million of ancillary income in 2023, 2022 and 2021, respectively, associated with transferred MSRs that do not achieve sale accounting. 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 and tax and insurance payments) are held in escrow by unaffiliated banks and are excluded from our consolidated balance sheets. Float balances amounted to $1.56 billion, $1.54 billion and $2.07 billion at December 31, 2023, 2022 and 2021, respectively.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (b)(2) -Publisher FASB -URI 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