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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 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, 2023December 31, 2022
Fair ValueUPB
($ billions)		Fair ValueUPB
($ 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,
202320222021
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, 2023December 31, 2022
Delinquent loans
GSE
GNMA
Non - AgencyTotal
GSE
GNMA
Non - AgencyTotal
Total MSR UPB (in billions)
$127.3 $18.6 $23.8 $169.7 $124.5 $13.1 $62.0 $199.6 
30 days1.2 %6.1 %9.4 %3.7 %0.9 %6.4 %8.5 %4.8 %
60 days0.2 2.0 3.6 1.2 0.2 2.2 3.3 1.8 
90 days or more0.5 3.7 8.2 2.6 0.5 4.6 8.6 4.5 
Total 30-60-90 days or more1.9 %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)AmountCount
California$35.0 113.7 
Texas16.0 77.2 
Florida10.7 53.9 
New York7.6 30.1 
New Jersey8.3 32.6 
Other92.1 456.9 
 $169.7 764.3 
The following table summarizes the components of our servicing and subservicing fee revenue:

Years Ended December 31,
Servicing Revenue
202320222021
Loan servicing and subservicing fees
Servicing$347.7 $337.8 $339.2 
Subservicing71.6 72.9 21.1 
MAV - Subservicing7.9 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 charges38.3 41.0 40.9 
Custodial accounts (float earnings)110.7 26.2 4.7 
Reverse subservicing ancillary fees33.5 20.4 1.4 
Loan collection fees9.4 11.1 11.7 
Recording fees4.9 8.5 16.0 
Boarding and deboarding fees4.3 5.8 10.5 
GSE forbearance fees0.8 0.8 1.5 
Other9.4 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.