MORTGAGE SERVICING RIGHTS (Tables)

6 Months Ended

Jun. 30, 2022

Transfers and Servicing [Abstract]

Presentation of Activity Related to MSR

The following tables present activity related to MSR and Interests in MSR for the three and six months ended June 30, 2022 and 2021:  

Mortgage Servicing Rights	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
	(dollars in thousands)
Fair value, beginning of period	$	1,108,937	$	113,080	$	544,562	$	100,895
Purchases (1)	262,960		98,983		683,983		98,983
Sales	(9,065)		(376)		(9,075)		(376)
Change in fair value due to:
Changes in valuation inputs or assumptions (2)	79,606		4,621		238,568		32,296
Other changes, including realization of expected cash flows	(21,018)		(13,692)		(36,618)		(29,182)
Fair value, end of period	$	1,421,420	$	202,616	$	1,421,420	$	202,616
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Principally represents changes in discount rates and prepayment speed inputs used in valuation model, primarily due to changes in interest rates.

Interests in MSR	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
	(dollars in thousands)
Beginning balance	$	85,653	$	—	$	69,316	$	—
Purchases (1)	(53)		47,098		4,860		47,098
Gain (loss) included in net income	(1,978)		1,937		9,446		1,937
Ending balance June 30, 2022	$	83,622	$	49,035	$	83,622	$	49,035
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.