Mortgage Servicing Rights, at Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

Transfers and Servicing [Abstract]

Summary of servicing portfolio and its activities

The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands):

	December 31, 2023			December 31, 2022
Fannie Mae/Freddie Mac	$	124,435		$	7,051,851
Ginnie Mae	285			532,328
Private investors	931,940			1,018,159
Total UPB	$	1,056,660		$	8,602,338
Weighted average interest rate	3.71		%	3.59		%

The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):

	For the year ended December 31, 2023		For the year ended December 31, 2022
Beginning UPB	$	8,602,338	$	39,299,416
Originated MSR	42,011		10,098,259
Sales MSR	(7,416,568)		(38,233,148)
Payoffs MSR	(75,527)		(1,671,774)
Other	(95,594)		(890,415)
Ending UPB	$	1,056,660	$	8,602,338

The activity in the MSR asset consisted of the following (in thousands):

	For the year ended December 31, 2023		For the year ended December 31, 2022
Beginning balance	$	95,096	$	427,942
Originations	405		122,362
Sales	(86,483)		(478,197)
Changes in fair value due to:
Changes in market inputs or assumptions used in valuation model	(1,014)		51,309
Changes in fair value due to portfolio runoff and other	(1,568)		(28,320)
Ending balance	$	6,436	$	95,096

Summary of estimated change in the fair value of MSRs from adverse changes in the significant assumptions

The following table summarizes the estimated change in the fair value of MSR from adverse changes in the significant assumptions (in thousands):

	December 31, 2023		December 31, 2022
	Weighted Average Prepayment Speed	Discount Rate	Weighted Average Prepayment Speed		Discount Rate
Impact on fair value of 10% adverse change	NM	NM	$	(2,677)	$	(4,258)
Impact on fair value of 20% adverse change	NM	NM	$	(5,178)	$	(8,155)