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Mortgage Servicing (Tables) | 6 Months Ended
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Jun. 30, 2024
Transfers and Servicing [Abstract] |
Schedule of Activity Related to MSRs - Fair Value Measurement Method | The following table presents the composition of our MSR portfolio:
MSR UPB and Fair Value | June 30, 2024 |  | December 31, 2023 |  |
Fair Value | UPB ($ billions) |  | Fair Value | UPB ($ billions) |  |  |
Owned MSRs | $ | 1,720.1 |  | $ | 122.0 |  |  | $ | 1,604.6 |  | $ | 122.7 |  |  |  |
Rithm and others transferred MSRs (1) | 264.0 |  | 18.6 |  |  | 244.8 |  | 18.1 |  |  |  |
MAV transferred MSRs (1) | 343.6 |  | 22.3 |  |  | 422.8 |  | 28.8 |  |  |  |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 607.6 |  | 40.9 |  |  | 667.6 |  | 46.9 |  |  |  |
Total MSRs | $ | 2,327.7 |  | $ | 162.9 |  |  | $ | 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.
Mortgage Servicing Rights – At Fair Value |  |  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance |  |  |  |  | $ | 2,374.7 |  |  | $ | 2,580.6 |  |  | $ | 2,272.2 |  |  | $ | 2,665.2 |
Sales |  |  |  |  | (100.9) |  |  | — |  |  | (100.9) |  |  | — |
Additions: |  |  |  |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  |  |  |  | 67.7 |  |  | 31.5 |  |  | 102.4 |  |  | 62.6 |
Purchases of MSRs |  |  |  |  | 34.9 |  |  | 19.1 |  |  | 61.8 |  |  | 44.0 |
Servicing transfers and adjustments (1) |  |  |  |  | (85.7) |  |  | (32.5) |  |  | (87.0) |  |  | (32.5) |
Net additions (sales) |  |  |  |  | (84.1) |  |  | 18.1 |  |  | (23.7) |  |  | 74.1 |
Changes in fair value recognized in earnings: |  |  |  |  |  |  |  |  |  |  |
Changes in valuation inputs or assumptions |  |  |  |  | 92.6 |  |  | 136.8 |  |  | 194.4 |  |  | 53.2 |
Realization of cash flows |  |  |  |  | (55.4) |  |  | (59.7) |  |  | (115.2) |  |  | (116.8) |
Fair value gains (losses) recognized in earnings |  |  |  |  | 37.2 |  |  | 77.1 |  |  | 79.2 |  |  | (63.6) |
Ending balance |  |  |  |  | $ | 2,327.7 |  |  | $ | 2,675.7 |  |  | $ | 2,327.7 |  |  | $ | 2,675.7 |
(1)Servicing transfers and adjustments for the three months ended June 30, 2024 and 2023 include a $85.8 million and a $32.5 million, respectively, derecognition of GSE MSRs previously sold to MAV in a transaction which did not qualify for sale accounting treatment. We derecognized the MSRs with a UPB of $5.5 billion and $2.3 billion, from our June 30, 2024 and June 30, 2023 balance sheets, respectively, together with the associated Pledged MSR liability upon the sale of the MSRs by MAV to a third party. See Note 8 — Other Financing Liabilities, at Fair Value for further information.
Financing Receivable, Past Due | The following table summarizes the delinquency status of the loans underlying our MSRs:
| June 30, 2024 |  | December 31, 2023
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
Total MSR UPB (in billions) | $ | 122.9 |  |  | $ | 17.5 |  |  | $ | 22.4 |  |  | $ | 162.9 |  |  | $ | 127.3 |  |  | $ | 18.6 |  |  | $ | 23.8 |  |  | $ | 169.7 |
30 days | 1.3 | % |  | 6.2 | % |  | 9.4 | % |  | 3.7 | % |  | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | %
60 days | 0.2 |  |  | 2.0 |  |  | 3.5 |  |  | 1.2 |  |  | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |
90 days or more | 0.5 |  |  | 4.2 |  |  | 7.3 |  |  | 2.5 |  |  | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |
Total 30-60-90 days or more | 2.0 | % |  | 12.5 | % |  | 20.2 | % |  | 7.3 | % |  | 1.9 | % |  | 11.8 | % |  | 21.2 | % |  | 7.5 | %
Schedule of Components of Servicing and Subservicing Fees | The following table summarizes the components of our servicing and subservicing fee revenue:
Servicing Revenue | Three Months Ended June 30, |  | Six Months Ended June 30,
2024 |  | 2023 |  | 2024 |  | 2023
Loan servicing and subservicing fees |  |  |  |  |  |  |
Servicing fee | $ | 91.7 |  |  | $ | 89.4 |  |  | $ | 182.1 |  |  | $ | 179.3 |
Subservicing fee (4) | 26.8 |  |  | 18.4 |  |  | 54.3 |  |  | 38.0 |
MAV Subservicing fee | 1.9 |  |  | 2.0 |  |  | 3.8 |  |  | 3.8 |
MAV Servicing fee / Transferred MSR (1) | 17.8 |  |  | 15.5 |  |  | 35.8 |  |  | 31.9 |
Rithm and Others Servicing fee / Transferred MSR (1) (3) | 19.1 |  |  | 59.2 |  |  | 37.8 |  |  | 118.8 |
| 157.2 |  |  | 184.4 |  |  | 313.8 |  |  | 371.8 |
Ancillary income |  |  |  |  |  |  |
Custodial accounts (float earnings) | 31.9 |  |  | 26.2 |  |  | 59.1 |  |  | 46.4 |
Late charges | 8.7 |  |  | 9.5 |  |  | 16.7 |  |  | 19.0 |
Reverse subservicing ancillary fees | 6.2 |  |  | 9.8 |  |  | 12.9 |  |  | 18.0 |
Loan collection fees | 1.8 |  |  | 2.3 |  |  | 3.6 |  |  | 4.9 |
Recording fees | 1.4 |  |  | 1.3 |  |  | 2.6 |  |  | 2.5 |
Boarding and deboarding fees | 1.0 |  |  | 0.9 |  |  | 1.7 |  |  | 1.8 |
GSE forbearance fees | 0.1 |  |  | 0.3 |  |  | 0.2 |  |  | 0.5 |
Other, net | 2.5 |  |  | 2.9 |  |  | 4.8 |  |  | 4.8 |
| 53.6 |  |  | 53.2 |  |  | 101.5 |  |  | 97.9 |
Total Servicing and subservicing fees | $ | 210.8 |  |  | $ | 237.6 |  |  | $ | 415.3 |  |  | $ | 469.7 |
Owned MSR and Subservicing | 169.7 |  |  | 157.6 |  |  | 334.0 |  |  | 308.6 |
Transferred MSR (1) (2) | 41.1 |  |  | 80.0 |  |  | 81.3 |  |  | 161.1 |
(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 $4.2 million and $7.8 million for the three and six months ended June 30, 2024, respectively, and $5.3 million and $10.4 million for the three and six months ended June 30, 2023, respectively, of ancillary income associated with transferred MSRs that do not achieve sale accounting. (3)Includes $45.2 million and $90.9 million of servicing fees in the three and six months ended June 30, 2023, respectively, 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 $11.5 million and $23.4 million of subservicing fees in the three and six months ended June 30, 2024, respectively, 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.

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