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Mortgage Servicing (Tables)

6 Months Ended

Jun. 30, 2025

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			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.

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 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.

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- Definition

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

+ References

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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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