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Mortgage Servicing
 6 Months Ended
Jun. 30, 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
June 30, 2024December 31, 2023
Fair ValueUPB ($ billions)Fair ValueUPB ($ 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,
2024202320242023
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 loans67.7 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 earnings37.2 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.
The following table summarizes the delinquency status of the loans underlying our MSRs:
June 30, 2024December 31, 2023
Delinquent loans
GSE
GNMA
Non - AgencyTotal
GSE
GNMA
Non - AgencyTotal
Total MSR UPB (in billions)
$122.9 $17.5 $22.4 $162.9 $127.3 $18.6 $23.8 $169.7 
30 days1.3 %6.2 %9.4 %3.7 %1.2 %6.1 %9.4 %3.7 %
60 days0.2 2.0 3.5 1.2 0.2 2.0 3.6 1.2 
90 days or more0.5 4.2 7.3 2.5 0.5 3.7 8.2 2.6 
Total 30-60-90 days or more2.0 %12.5 %20.2 %7.3 %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 June 30,Six Months Ended June 30,
2024202320242023
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 charges8.7 9.5 16.7 19.0 
Reverse subservicing ancillary fees6.2 9.8 12.9 18.0 
Loan collection fees1.8 2.3 3.6 4.9 
Recording fees1.4 1.3 2.6 2.5 
Boarding and deboarding fees1.0 0.9 1.7 1.8 
GSE forbearance fees0.1 0.3 0.2 0.5 
Other, net2.5 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.
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 $2.06 billion and $1.56 billion at June 30, 2024 and December 31, 2023, respectively.