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Mortgage Servicing (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Transfers and Servicing [Abstract]

Summary of Activity Related to Fair Value Servicing Assets

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.

Summary of Geographic Distributions of UPB and Count of Residential Loans and Real Estate Serviced

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:

Schedule of Components of Servicing and Subservicing Fees

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.

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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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