Advances (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Advances Paid on Behalf of Borrowers or on Foreclosed Properties

The following table presents the composition of servicing advances by type:


	September 30, 2025		December 31, 2024
Principal and interest	$	117.7	$	150.1
Taxes and insurance	205.3		314.2
Foreclosures, bankruptcy, REO and other (1)	117.7		120.3
Total advances, before allowance for losses	440.7		584.6
Allowance for losses	(5.6)		(7.4)
Advances, net	$	435.1	$	577.2

(1) No state represented a balance exceeding 5% of the total advances (based on the underlying property location of the related mortgage loans), except for the state of New York with $26.8 million.

The following table presents the composition of servicing advances by investor:


	September 30, 2025		December 31, 2024
GSE	$	41.5	$	94.0
Ginnie Mae	52.5		70.6
Non-Agency	341.2		412.6
Advances, net	$	435.1	$	577.2

Schedule of Activity in Advances

The following table summarizes the activity in net advances:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Beginning balance - before Allowance for Losses	$	467.8	$	559.5	$	584.6	$	686.1


New advances	225.7		196.3		621.4		599.9
Transfer from (to) Receivables	—		2.0		(0.2)		7.0


Sales of advances	(0.3)		(0.7)		(1.0)		(10.0)
Acquisition of advances in connection with the purchase of MSRs	0.6		0.3		4.0		0.3
Transfer to Loans held for sale (incl. capitalization upon Ginnie Mae modifications)	(5.5)		(2.1)		(15.7)		(7.0)
Collections of advances and other	(247.7)		(224.3)		(752.4)		(745.2)


Ending balance - before Allowance for Losses	440.7		531.1		440.7		531.1

Beginning balance - Allowance for Losses	(6.4)		$	(8.9)	(7.4)		(7.3)
Provision expense	(1.5)		(2.2)		(4.5)		(9.3)
Net charge-offs and other	2.3		2.7		6.4		8.2
Ending balance - Allowance for Losses	(5.6)		(8.4)		(5.6)		(8.4)

Ending balance, net	$	435.1	$	522.7	$	435.1	$	522.7