MORTGAGE SERVICING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2023

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 months ended March 31, 2023 and 2022:  

Mortgage Servicing Rights	Three Months Ended
	March 31, 2023		March 31, 2022
	(dollars in thousands)
Fair value, beginning of period	$	1,748,209	$	544,562
Purchases (1)	36,630		421,012
Change in fair value due to:
Changes in valuation inputs or assumptions (2)	30,207		158,963
Other changes, including realization of expected cash flows	(24,066)		(15,600)
Fair value, end of period	$	1,790,980	$	1,108,937
(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
	March 31, 2023		March 31, 2022
	(dollars in thousands)
Beginning balance	$	—	$	69,316
Purchases (1)	—		4,913
Gain (loss) included in net income	—		11,424
Ending balance March 31, 2023	$	—	$	85,653
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable. (2) Transfers to MSR - Refer to the “Variable Interest Entities” Note for additional information