MORTGAGE SERVICING RIGHTS (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022:  

Mortgage Servicing Rights	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(dollars in thousands)
Fair value, beginning of period	$	1,790,980	$	1,108,937	$	1,748,209	$	544,562
Purchases (1)	177,521		262,960		214,151		683,983
Sales	—		(9,065)		—		(9,075)
Change in fair value due to:
Changes in valuation inputs or assumptions (2)	80,323		79,606		110,530		238,568
Other changes, including realization of expected cash flows	(29,928)		(21,018)		(53,994)		(36,618)
Fair value, end of period	$	2,018,896	$	1,421,420	$	2,018,896	$	1,421,420
(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, 2023		June 30, 2022		June 30, 2023		June 30, 2022
	(dollars in thousands)
Beginning balance	$	—	$	85,653	$	—	$	69,316
Purchases (1)	—		(53)		—		4,860
Gain (loss) included in net income	—		(1,978)		—		9,446
Ending balance	$	—	$	83,622	$	—	$	83,622
(1) Includes adjustments to original purchase price from early payoffs, defaults, or loans that were delivered but were deemed to not be acceptable.