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Mortgage Servicing (Tables)

9 Months Ended

Sep. 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			September 30, 2024									December 31, 2023
			Fair Value			UPB ($ billions)						Fair Value			UPB ($ billions)
			Owned MSRs			$	1,630.0		$	118.9					$	1,604.6		$	122.7
			Rithm and others transferred MSRs (1)			256.2			18.7						244.8			18.1
			MAV transferred MSRs (1)			337.4			21.9						422.8			28.8
			Total transferred MSR, subject to Pledged MSR liability, at fair value (1)			593.6			40.6						667.6			46.9
			Total MSRs			$	2,223.6		$	159.5					$	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.

The following table presents the composition of our MSR portfolio by investor:

MSR UPB and Fair Value			September 30, 2024												December 31, 2023
			Fair Value						UPB ($ billions)						Fair Value						UPB ($ billions)
			GSE			$	1,702.1					$	118.9					$	1,773.9					$	127.3
			GNMA			307.6						18.4						277.1						18.6
			Non-Agency			213.9						22.1						221.2						23.8
			Total MSRs			$	2,223.6					$	159.5					$	2,272.2					$	169.7

The following table summarizes the delinquency status of the loans underlying our MSRs:

			September 30, 2024																								December 31, 2023
Delinquent loans			GSE						GNMA						Non - Agency						Total						GSE						GNMA						Non - Agency						Total
30 days			1.1		%				5.3		%				8.2		%				3.2		%				1.2		%				6.1		%				9.4		%				3.7		%
60 days			0.3						2.0						3.5						1.2						0.2						2.0						3.6						1.2
90 days or more			0.5						4.2						6.9						2.4						0.5						3.7						8.2						2.6
Total 30-60-90 days or more			1.9		%				11.5		%				18.6		%				6.9		%				1.9		%				11.8		%				21.2		%				7.5		%

The following table summarizes the activity of our MSRs at fair value:

Mortgage Servicing Rights – At Fair Value						Three Months Ended September 30,												Nine Months Ended September 30,
						2024						2023						2024						2023
Beginning balance						$	2,327.7					$	2,675.7					$	2,272.2					$	2,665.2
Sales						(108.8)						—						(209.7)						—
Additions:
Recognized on the sale of residential mortgage loans						61.6						71.4						163.9						134.0
Purchases of MSRs						53.4						35.7						115.3						79.8
Servicing transfers and adjustments (1)						(0.1)						—						(87.1)						(32.6)
Net additions (sales)						6.1						107.1						(17.6)						181.2
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions						(53.0)						137.7						141.4						190.9
Realization of cash flows						(57.3)						(60.7)						(172.5)						(177.5)
Fair value gains (losses) recognized in earnings						(110.3)						77.0						(31.1)						13.4
Ending balance						$	2,223.6					$	2,859.8					$	2,223.6					$	2,859.8

(1)Servicing transfers and adjustments for the nine months ended September 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, respectively, from our balance sheets 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.

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 September 30,												Nine Months Ended September 30,
			2024						2023						2024						2023
Loan servicing and subservicing fees
Servicing fee			$	91.9					$	82.0					$	274.0					$	261.4
Subservicing fee (4)			26.7						17.4						81.0						55.4
MAV Subservicing fee			2.2						2.0						6.1						5.8
MAV Servicing fee / Transferred MSR (1)			14.1						17.2						49.9						49.1
Rithm and Others Servicing fee / Transferred MSR (1) (3)			19.1						62.1						56.9						180.9
			154.0						180.7						467.9						552.6
Ancillary income
Custodial accounts (float earnings)			35.4						31.5						94.5						77.9
Late charges			8.8						9.8						25.5						28.8
Reverse subservicing ancillary fees			5.2						8.1						18.1						26.1
Other			7.7						7.6						20.6						22.1
			57.1						57.1						158.6						155.0
Total Servicing and subservicing fees			$	211.1					$	237.8					$	626.5					$	707.5
Owned MSR and Subservicing			$	173.5					$	152.8					$	507.6					$	461.5
Transferred MSR (1) (2)			37.6						85.0						118.9						246.1

(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 $4.4 million and $12.1 million for the three and nine months ended September 30, 2024, respectively, and $5.7 million and $16.1 million for the three and nine months ended September 30, 2023, respectively, of ancillary income associated with transferred MSRs that do not achieve sale accounting.

(3)Includes $42.7 million and $133.6 million of servicing fees in the three and nine months ended September 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 $11.2 million and $34.6 million of subservicing fees in the three and nine months ended September 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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- Definition

Tabular disclosure of fees generated during the reporting period for servicing subservicing of assets.

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Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

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