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v3.25.2

Mortgage Servicing | 6 Months Ended
--- | ---
Jun. 30, 2025
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, 2025 |  | December 31, 2024 |  |
Fair Value | UPB ($ billions) |  | Fair Value | UPB ($ billions) |  |  |
Owned MSRs (1) | $ | 2,051.8 |  | $ | 142.4 |  |  | $ | 1,869.6 |  | $ | 129.8 |  |  |  |
Rithm and others transferred MSRs (2) | 259.0 |  | 18.3 |  |  | 266.1 |  | 19.0 |  |  |  |
MAV transferred MSRs (2) | 321.8 |  | 20.7 |  |  | 330.6 |  | 21.5 |  |  |  |
Total transferred MSR, subject to Pledged MSR liability, at fair value (2) | 580.8 |  | 39.0 |  |  | 596.7 |  | 40.5 |  |  |  |
Total MSRs | $ | 2,632.6 |  | $ | 181.5 |  |  | $ | 2,466.3 |  | $ | 170.3 |  |  |  |
(1)Includes $327.8 million and $338.7 million fair value of MSRs pledged to ESS financing liabilities at June 30, 2025 and December 31, 2024, respectively. (2)MSRs subject to sale agreements that do not meet sale accounting criteria. See Note 8 — Other Financing Liabilities, at Fair Value. The following table presents the composition of our MSR portfolio by investor:
MSR UPB and Fair Value | June 30, 2025 |  | December 31, 2024 |  |
Fair Value |  | UPB ($ billions) |  | Fair Value |  | UPB ($ billions) |  |  |
GSE | $ | 2,031.6 |  |  | $ | 139.6 |  |  | $ | 1,902.5 |  |  | $ | 129.3 |  |  |  |
Ginnie Mae | 397.7 |  |  | 21.4 |  |  | 351.6 |  |  | 19.4 |  |  |  |
Non-Agency | 203.4 |  |  | 20.5 |  |  | 212.2 |  |  | 21.6 |  |  |  |
Total MSRs | $ | 2,632.6 |  |  | $ | 181.5 |  |  | $ | 2,466.3 |  |  | $ | 170.3 |  |  |  |
The following table summarizes the delinquency status of the loans underlying our MSRs:
| June 30, 2025 |  | December 31, 2024
Delinquent loans | GSE |  | Ginnie Mae |  | Non - Agency |  | Total |  | GSE |  | Ginnie Mae |  | Non - Agency |  | Total
30 days | 1.0 | % |  | 5.0 | % |  | 8.6 | % |  | 3.0 | % |  | 1.0 | % |  | 5.4 | % |  | 8.4 | % |  | 3.1 | %
60 days | 0.2 |  |  | 1.6 |  |  | 2.8 |  |  | 0.9 |  |  | 0.2 |  |  | 1.8 |  |  | 3.4 |  |  | 1.1 |
90 days or more | 0.4 |  |  | 3.2 |  |  | 6.2 |  |  | 1.8 |  |  | 0.5 |  |  | 4.5 |  |  | 6.9 |  |  | 2.3 |
Total 30-60-90 days or more | 1.7 | % |  | 9.8 | % |  | 17.6 | % |  | 5.7 | % |  | 1.8 | % |  | 11.8 | % |  | 18.7 | % |  | 6.5 | %
The following table summarizes the activity of our MSRs at fair value:
Mortgage Servicing Rights – At Fair Value |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Beginning balance |  | $ | 2,547.4 |  |  | $ | 2,374.7 |  |  | $ | 2,466.3 |  |  | $ | 2,272.2 |
Sales |  | 0.1 |  |  | (100.9) |  |  | 0.3 |  |  | (100.9) |
Additions: |  |  |  |  |  |  |  |
Recognized on the sale of residential mortgage loans |  | 82.4 |  |  | 67.7 |  |  | 142.9 |  |  | 102.4 |
Purchases of MSRs |  | 49.1 |  |  | 34.9 |  |  | 147.4 |  |  | 61.8 |
Servicing transfers and adjustments (1) |  | (12.0) |  |  | (85.7) |  |  | (12.0) |  |  | (87.0) |
Net additions (sales) |  | 119.7 |  |  | (84.1) |  |  | 278.6 |  |  | (23.7) |
Changes in fair value recognized in earnings: |  |  |  |  |  |  |  |
Changes in valuation inputs or assumptions |  | 26.8 |  |  | 92.6 |  |  | 7.2 |  |  | 194.4 |
Realization of cash flows |  | (61.2) |  |  | (55.4) |  |  | (119.4) |  |  | (115.2) |
Fair value gains (losses) recognized in earnings |  | (34.4) |  |  | 37.2 |  |  | (112.2) |  |  | 79.2 |
Ending balance |  | $ | 2,632.6 |  |  | $ | 2,327.7 |  |  | $ | 2,632.6 |  |  | $ | 2,327.7 |
(1)During the three months ended June 30, 2024, upon the sale of certain GSE MSRs by MAV to a third party, we derecognized $85.7 million 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 sheet along with the associated Pledged MSR liability - see Note 8 — Other Financing Liabilities, at Fair Value. 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,
2025 |  | 2024 |  | 2025 |  | 2024
Loan servicing and subservicing fees |  |  |  |  |  |  |
Servicing fee | $ | 101.7 |  |  | $ | 91.7 |  |  | $ | 199.3 |  |  | $ | 182.1 |
Subservicing fee | 21.9 |  |  | 26.8 |  |  | 46.5 |  |  | 54.3 |
MAV - Subservicing fee | 1.5 |  |  | 1.9 |  |  | 3.0 |  |  | 3.8 |
MAV - Servicing fee / Transferred MSR (1) | 13.3 |  |  | 17.8 |  |  | 26.7 |  |  | 35.8 |
Rithm and Others-Servicing fee/Transferred MSR (1) | 19.3 |  |  | 19.1 |  |  | 38.2 |  |  | 37.8 |
| 157.7 |  |  | 157.2 |  |  | 313.8 |  |  | 313.8 |
Ancillary income |  |  |  |  |  |  |
Custodial accounts (float earnings) | 32.3 |  |  | 31.9 |  |  | 59.4 |  |  | 59.1 |
Late charges | 9.7 |  |  | 8.7 |  |  | 19.4 |  |  | 16.7 |
Reverse subservicing ancillary fees | 3.0 |  |  | 6.2 |  |  | 6.5 |  |  | 12.9 |
Other | 8.5 |  |  | 6.9 |  |  | 15.5 |  |  | 12.9 |
| 53.5 |  |  | 53.6 |  |  | 100.8 |  |  | 101.5 |
Total Servicing and subservicing fees | $ | 211.3 |  |  | $ | 210.8 |  |  | $ | 414.6 |  |  | $ | 415.3 |
Owned MSR and Subservicing | $ | 174.7 |  |  | $ | 169.7 |  |  | $ | 342.2 |  |  | $ | 334.0 |
Transferred MSR (1) (2) | 36.5 |  |  | 41.1 |  |  | 72.4 |  |  | 81.3 |
(1)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 $4.0 million and $7.5 million for the three and six months ended June 30, 2025, respectively, and $4.2 million and $7.8 million for the three and six months ended June 30, 2024, respectively, of ancillary income 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 $2.63 billion and $2.04 billion at June 30, 2025 and December 31, 2024, 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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