Financial Services, Brokers and Dealers (Tables)

9 Months Ended

Sep. 30, 2025

Banking Regulation, Mortgage Banking, Capital Requirement

The most restrictive of the various net worth and liquidity requirements for licensing and seller/servicer obligations were as follows for our licensed entities at September 30, 2025:


	Required		Reported
Net worth
PHH	$	300.0	405.9
PAS	275.0		327.3
Liquidity (4)
PHH - FHFA (1)	69.5		142.0
PHH - Ginnie Mae (2)	73.7		493.1

PAS - FHFA (3)	86.3		217.2

(1)Reported liquidity includes $94.2 million cash and $47.9 million of additional eligible liquidity, defined by the FHFA as 50 percent of the unused portion of committed Agency servicing advance facilities.

(2)Reported liquidity includes Servicing advances as eligible liquidity pursuant to Ginnie Mae’s liquidity requirements.

(3)Reported liquidity includes $60.0 million cash and $157.2 million of additional eligible liquidity, defined by the FHFA as 50 percent of the unused portion of committed Agency servicing advance facilities.

(4)The liquidity displayed in the above table reflects liquidity measures as defined by regulators that differ from liquidity available to finance the business. At September 30, 2025, our total liquidity of $221.3 million included $172.8 million of unrestricted cash and $48.5 million total available committed and uncommitted borrowing capacity based on the amount of eligible collateral.