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Mortgage Servicing
 9 Months Ended
Sep. 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
September 30, 2025December 31, 2024
Fair Value
UPB ($ billions)
Fair Value
UPB ($ billions)
Owned MSRs (1)
$2,186.3 $150.9 $1,869.6 $129.8 
Rithm and others transferred MSRs (2)
261.3 18.6 266.1 19.0 
MAV transferred MSRs (2)
315.3 20.3 330.6 21.5 
Total transferred MSR, subject to Pledged MSR liability, at fair value (2)
576.7 38.8 596.7 40.5 
Total MSRs$2,762.9 $189.8 $2,466.3 $170.3 
(1)Includes $333.1 million and $338.7 million fair value of MSRs pledged to ESS financing liabilities at September 30, 2025 and December 31, 2024, respectively.
(2)MSRs subject to sale or transfer agreements that do not meet sale accounting criteria. See Note 8 — Other Financing Liabilities, at Fair Value.
The following table presents the composition of our MSR portfolio by investor:
MSR UPB and Fair Value
September 30, 2025December 31, 2024
Fair Value
UPB ($ billions)
Fair Value
UPB ($ billions)
GSE
$2,098.8 $145.0 $1,902.5 $129.3 
Ginnie Mae
465.1 24.8 351.6 19.4 
Non-Agency
199.0 20.0 212.2 21.6 
Total MSRs$2,762.9 $189.8 $2,466.3 $170.3 
The following table summarizes the delinquency status of the loans underlying our MSRs:
September 30, 2025December 31, 2024
Delinquent loansGSE
Ginnie Mae
Non - AgencyTotalGSE
Ginnie Mae
Non - AgencyTotal
30 days0.9 %4.7 %8.5 %2.8 %1.0 %5.4 %8.4 %3.1 %
60 days0.2 1.5 2.9 0.9 0.2 1.8 3.4 1.1 
90 days or more0.4 2.9 5.9 1.7 0.5 4.5 6.9 2.3 
Total 30-60-90 days or more1.5 %9.1 %17.3 %5.4 %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 September 30,
Nine Months Ended September 30,
2025202420252024
Beginning balance$2,632.6 $2,327.7 $2,466.3 $2,272.2 
Sales— (108.8)0.3 (209.7)
Additions:
Recognized on the sale of residential mortgage loans116.0 61.6 258.9 163.9 
Purchases of MSRs
86.7 53.4 234.0 115.3 
Servicing transfers and adjustments (1)
— (0.1)(12.0)(87.1)
Net additions (sales)202.7 6.1 481.3 (17.6)
Changes in fair value recognized in earnings:
Changes in valuation inputs or assumptions (5.6)(53.0)1.6 141.4 
Realization of cash flows
(66.8)(57.3)(186.2)(172.5)
Fair value gains (losses) recognized in earnings(72.4)(110.3)(184.6)(31.1)
Ending balance$2,762.9 $2,223.6 $2,762.9 $2,223.6 
(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 RevenueThree Months Ended September 30,
Nine Months Ended September 30,
2025202420252024
Loan servicing and subservicing fees
Servicing fee$107.3 $91.9 $306.6 $274.0 
Subservicing fee 22.0 26.7 68.5 81.0 
MAV - Subservicing fee1.5 2.2 4.5 6.1 
MAV - Servicing fee / Transferred MSR (1)
13.1 14.1 39.8 49.9 
Rithm and Others-Servicing fee/Transferred MSR (1)
18.4 19.1 56.6 56.9 
162.1 154.0 475.9 467.9 
Ancillary income
Custodial accounts (float earnings)36.4 35.4 95.8 94.5 
Late charges9.4 8.8 28.9 25.5 
Reverse subservicing ancillary fees2.7 5.2 9.2 18.1 
Other
6.8 7.7 22.3 20.6 
55.3 57.1 156.2 158.6 
Total Servicing and subservicing fees$217.5 $211.1 $632.1 $626.5 
Owned MSR and Subservicing
$181.9 $173.5 $524.1 $507.6 
Transferred MSR (1) (2)
35.6 37.6 108.0 118.9 
(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 $4.2 million and $11.6 million for the three and nine months ended September 30, 2025, respectively, and $4.4 million and $12.1 million for the three and nine months ended September 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 $3.17 billion and $2.04 billion at September 30, 2025 and December 31, 2024, respectively.