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Mortgage Servicing | 3 Months Ended
--- | ---
Mar. 31, 2024
Transfers and Servicing [Abstract] |
Mortgage Servicing |
Note 7 – Mortgage Servicing
The following table presents the composition of our MSR portfolio:
MSR UPB and Fair Value | March 31, 2024 |  | December 31, 2023 |  |
Fair Value | UPB ($ billions) |  | Fair Value | UPB ($ billions) |  |  |
Owned MSRs | $ | 1,707.3 |  | $ | 124.5 |  |  | $ | 1,604.6 |  | $ | 122.7 |  |  |  |
Rithm and others transferred MSRs (1) (2) | 253.8 |  | 18.5 |  |  | 244.8 |  | 18.1 |  |  |  |
MAV transferred MSRs (1) | 413.6 |  | 28.4 |  |  | 422.8 |  | 28.8 |  |  |  |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 667.4 |  | 46.8 |  |  | 667.6 |  | 46.9 |  |  |  |
Total MSRs | $ | 2,374.7 |  | $ | 171.3 |  |  | $ | 2,272.2 |  | $ | 169.7 |  |  |  |
(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, 2024, the UPB of MSRs transferred to Rithm for which title is retained by Ocwen was $9.7 billion.
Mortgage Servicing Rights – At Fair Value |  |  |  |  | Three Months Ended March 31,
|  |  |  | 2024 |  |  |  |  |  | 2023
Beginning balance |  |  |  |  | $ | 2,272.2 |  |  |  |  |  |  | $ | 2,665.2 |
Sales |  |  |  |  | — |  |  |  |  |  |  | — |
Additions: |  |  |  |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  |  |  |  | 34.7 |  |  |  |  |  |  | 31.1 |
Purchases of MSRs |  |  |  |  | 27.0 |  |  |  |  |  |  | 25.0 |
Servicing transfers and adjustments |  |  |  |  | (1.3) |  |  |  |  |  |  | — |
Net additions (sales) |  |  |  |  | 60.4 |  |  |  |  |  |  | 56.0 |
Changes in fair value recognized in earnings: |  |  |  |  |  |  |  |  |  |  |
Changes in valuation inputs or assumptions |  |  |  |  | 101.8 |  |  |  |  |  |  | (83.6) |
Realization of cash flows |  |  |  |  | (59.8) |  |  |  |  |  |  | (57.1) |
Fair value gains (losses) recognized in earnings |  |  |  |  | 42.0 |  |  |  |  |  |  | (140.7) |
Ending balance |  |  |  |  | $ | 2,374.7 |  |  |  |  |  |  | $ | 2,580.6 |
The following table summarizes the delinquency status of the loans underlying our MSRs:
| March 31, 2024 |  | December 31, 2023
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
Total MSR UPB (in billions) | $ | 128.4 |  |  | $ | 19.9 |  |  | $ | 23.0 |  |  | $ | 171.3 |  |  | $ | 127.3 |  |  | $ | 18.6 |  |  | $ | 23.8 |  |  | $ | 169.7 |
30 days | 1.1 | % |  | 5.8 | % |  | 8.8 | % |  | 3.4 | % |  | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | %
60 days | 0.2 |  |  | 1.9 |  |  | 3.4 |  |  | 1.1 |  |  | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |
90 days or more | 0.5 |  |  | 4.4 |  |  | 7.6 |  |  | 2.6 |  |  | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |
Total 30-60-90 days or more | 1.9 | % |  | 12.0 | % |  | 19.8 | % |  | 7.1 | % |  | 1.9 | % |  | 11.8 | % |  | 21.2 | % |  | 7.5 | %
The following table summarizes the components of our servicing and subservicing fee revenue:
Servicing Revenue | Three Months Ended March 31, |  |
2024 |  | 2023 |  |  |  |
Loan servicing and subservicing fees |  |  |  |  |  |  |
Servicing fee | $ | 90.4 |  |  | $ | 90.0 |  |  |  |  |
Subservicing fee (4) | 27.5 |  |  | 19.7 |  |  |  |  |
MAV Subservicing fee | 2.0 |  |  | 1.8 |  |  |  |  |
MAV Servicing fee / Transferred MSR (1) | 18.0 |  |  | 16.4 |  |  |  |  |
Rithm and Others Servicing fee / Transferred MSR (1) (3) | 18.6 |  |  | 59.6 |  |  |  |  |
| 156.6 |  |  | 187.5 |  |  |  |  |
Ancillary income |  |  |  |  |  |  |
Custodial accounts (float earnings) | 27.2 |  |  | 20.2 |  |  |  |  |
Late charges | 8.0 |  |  | 9.6 |  |  |  |  |
Reverse subservicing ancillary fees | 6.7 |  |  | 8.1 |  |  |  |  |
Loan collection fees | 1.8 |  |  | 2.6 |  |  |  |  |
Recording fees | 1.1 |  |  | 1.2 |  |  |  |  |
Boarding and deboarding fees | 0.7 |  |  | 0.9 |  |  |  |  |
GSE forbearance fees | 0.1 |  |  | 0.2 |  |  |  |  |
Other, net | 2.3 |  |  | 2.0 |  |  |  |  |
| 48.0 |  |  | 44.7 |  |  |  |  |
Total Servicing and subservicing fees | $ | 204.5 |  |  | $ | 232.2 |  |  |  |  |
Owned MSR and Subservicing | 164.3 |  |  | 151.0 |  |  |  |  |
Transferred MSR (1) (2) | 40.2 |  |  | 81.1 |  |  |  |  |
(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 $3.6 million and $5.2 million of ancillary income in the three months ended March 31, 2024 and 2023, respectively, associated with transferred MSRs that do not achieve sale accounting. (3)Includes $45.7 million of servicing fee in the three months ended March 31, 2023 related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023. See Note 8 — Other Financing Liabilities, at Fair Value. (4)Includes $11.9 million of subservicing fee in the three months ended March 31, 2024 related to MSRs previously sold to Rithm for which the sale accounting criteria were met effective December 31, 2023. 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 and tax and insurance payments) are held in escrow by unaffiliated banks and are excluded from our unaudited consolidated balance sheets. Float balances amounted to $1.89 billion and $1.56 billion at March 31, 2024 and December 31, 2023, 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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