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Mortgage Servicing | 12 Months Ended
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Dec. 31, 2023
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 | December 31, 2024 |  | December 31, 2023
Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions)
Owned MSRs | $ | 1,869.6 |  |  | $ | 129.8 |  |  | $ | 1,604.6 |  |  | $ | 122.7 |
Rithm and others transferred MSRs (1) | 266.1 |  |  | 19.0 |  |  | 244.8 |  |  | 18.1 |
MAV transferred MSRs (1) | 330.6 |  |  | 21.5 |  |  | 422.8 |  |  | 28.8 |
Total transferred MSR, subject to Pledged MSR liability, at fair value (1) | 596.7 |  |  | 40.5 |  |  | 667.6 |  |  | 46.9 |
Total MSRs | $ | 2,466.3 |  |  | $ | 170.3 |  |  | $ | 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. The following table presents the composition of our MSR portfolio by investor:
MSR UPB and Fair Value | December 31, 2024 |  | December 31, 2023
Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions)
GSE | $ | 1,902.5 |  |  | $ | 129.3 |  |  | $ | 1,773.9 |  |  | $ | 127.3 |
GNMA | 351.6 |  |  | 19.4 |  |  | 277.1 |  |  | 18.6 |
Non-Agency | 212.2 |  |  | 21.6 |  |  | 221.2 |  |  | 23.8 |
Total MSRs | $ | 2,466.3 |  |  | $ | 170.3 |  |  | $ | 2,272.2 |  |  | $ | 169.7 |
The following table summarizes the delinquency status of loans underlying our MSRs:
| December 31, 2024 |  | December 31, 2023
Delinquent loans | GSE |  | GNMA |  | Non - Agency |  | Total |  | GSE |  | GNMA |  | Non - Agency |  | Total
30 days | 1.0 | % |  | 5.4 | % |  | 8.4 | % |  | 3.1 | % |  | 1.2 | % |  | 6.1 | % |  | 9.4 | % |  | 3.7 | %
60 days | 0.2 |  |  | 1.8 |  |  | 3.4 |  |  | 1.1 |  |  | 0.2 |  |  | 2.0 |  |  | 3.6 |  |  | 1.2 |
90 days or more | 0.5 |  |  | 4.5 |  |  | 6.9 |  |  | 2.3 |  |  | 0.5 |  |  | 3.7 |  |  | 8.2 |  |  | 2.6 |
Total 30-60-90 days or more | 1.8 | % |  | 11.8 | % |  | 18.7 | % |  | 6.5 | % |  | 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 |  | Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 2,272.2 |  |  | $ | 2,665.2 |  |  | $ | 2,250.1 |
Sales |  | (211.0) |  |  | 0.1 |  |  | (154.4) |
Additions: |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  | 247.6 |  |  | 183.0 |  |  | 234.7 |
Purchases of MSRs |  | 239.6 |  |  | 109.9 |  |  | 181.6 |
Servicing transfers and adjustments (1) (2) |  | (87.1) |  |  | (454.3) |  |  | (25.3) |
Net additions (sales) |  | 189.1 |  |  | (161.3) |  |  | 236.6 |
Changes in fair value recognized in earnings: |  |  |  |  |  |
Changes in valuation inputs or assumptions |  | 232.3 |  |  | 6.4 |  |  | 454.0 |
Realization of cash flows |  | (227.4) |  |  | (238.1) |  |  | (275.5) |
Fair value gains (losses) recognized in earnings |  | 5.0 |  |  | (231.7) |  |  | 178.5 |
Ending balance |  | $ | 2,466.3 |  |  | $ | 2,272.2 |  |  | $ | 2,665.2 |
(1)On December 31, 2023, we derecognized $421.7 million non-Agency MSRs and Pledged MSR liability associated with Rithm servicing agreements with a UPB of $33.4 billion for which MSR sale accounting criteria were met. See Note 8 — Other Financing Liabilities, at Fair Value. (2)During 2024, 2023 and 2022, upon sale of GSE MSRs by MAV to third parties, we derecognized $85.7 million, $32.5 million and $39.0 million, respectively, of those MSRs that were previously sold to MAV in transactions that did not qualify for sale accounting treatment. We derecognized the MSRs from our balance sheets along with the associated Pledged MSR liability - see Note 8 — Other Financing Liabilities, at Fair Value. The geographic concentration of the UPB of residential loans and real estate underlying our MSRs at December 31, 2024 was as follows:
(Dollars in billions) (Count in thousands) | Amount |  | Count
California | $ | 33.5 |  |  | 109.0 |
Texas | 15.5 |  |  | 73.5 |
Florida | 11.5 |  |  | 55.1 |
New Jersey | 7.8 |  |  | 30.5 |
New York | 7.1 |  |  | 28.2 |
Other | 94.8 |  |  | 454.3 |
| $ | 170.3 |  |  | 750.5 |
The following table summarizes the components of our servicing and subservicing fee revenue:
Servicing Revenue | Years Ended December 31,
2024 |  | 2023 |  | 2022
Loan servicing and subservicing fees |  |  |  |  |
Servicing fee | $ | 364.2 |  |  | $ | 347.7 |  |  | $ | 337.8 |
Subservicing fee (1) | 107.6 |  |  | 71.6 |  |  | 72.9 |
MAV - Subservicing fee | 7.7 |  |  | 7.9 |  |  | 5.2 |
MAV - Servicing fee / Transferred MSR (2) | 63.8 |  |  | 67.4 |  |  | 67.6 |
Rithm and Others - Servicing fee / Transferred MSR (2) (3) | 75.3 |  |  | 241.5 |  |  | 255.0 |
| 618.6 |  |  | 736.0 |  |  | 738.5 |
Ancillary income |  |  |  |  |
Late charges | 34.3 |  |  | 38.3 |  |  | 41.0 |
Custodial accounts (float earnings) | 129.3 |  |  | 110.7 |  |  | 26.2 |
Reverse subservicing ancillary fees | 22.3 |  |  | 33.5 |  |  | 20.4 |
Other | 27.9 |  |  | 28.8 |  |  | 36.5 |
| 213.9 |  |  | 211.3 |  |  | 124.1 |
Total Servicing and subservicing fees | $ | 832.5 |  |  | $ | 947.3 |  |  | $ | 862.6 |
Owned MSR and Subservicing | $ | 676.9 |  |  | $ | 615.7 |  |  | $ | 525.4 |
Transferred MSR (2) (4) | 155.6 |  |  | 331.6 |  |  | 337.2 |
(1)Includes $45.6 million of subservicing fees in 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. (2)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. (3)Includes $175.5 million and $194.7 million of servicing fees in 2023 and 2022, 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 $16.4 million, $22.7 million and $14.7 million of ancillary income in 2024, 2023 and 2022, respectively, associated with transferred MSRs that do not achieve sale accounting. 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 consolidated balance sheets. Float balances amounted to $2.04 billion, $1.56 billion and $1.54 billion at December 31, 2024, 2023 and 2022, 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 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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