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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, 2024December 31, 2023
Fair ValueUPB ($ billions)Fair ValueUPB ($ 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,
20242023
Beginning balance$2,272.2 $2,665.2 
Sales— — 
Additions:
Recognized on the sale of residential mortgage loans34.7 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 earnings42.0 (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, 2024December 31, 2023
Delinquent loans
GSE
GNMA
Non - AgencyTotal
GSE
GNMA
Non - AgencyTotal
Total MSR UPB (in billions)
$128.4 $19.9 $23.0 $171.3 $127.3 $18.6 $23.8 $169.7 
30 days1.1 %5.8 %8.8 %3.4 %1.2 %6.1 %9.4 %3.7 %
60 days0.2 1.9 3.4 1.1 0.2 2.0 3.6 1.2 
90 days or more0.5 4.4 7.6 2.6 0.5 3.7 8.2 2.6 
Total 30-60-90 days or more1.9 %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 RevenueThree Months Ended March 31,
20242023
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 charges8.0 9.6 
Reverse subservicing ancillary fees6.7 8.1 
Loan collection fees1.8 2.6 
Recording fees1.1 1.2 
Boarding and deboarding fees0.7 0.9 
GSE forbearance fees0.1 0.2 
Other, net2.3 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.