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Mortgage Servicing (Tables)
12 Months Ended
Dec. 31, 2020
Transfers and Servicing [Abstract]  
Summary of Activity Related to Fair Value Servicing Assets
Mortgage Servicing Rights – Fair Value Measurement Method
Years Ended December 31,
202020192018
Agency
Non-AgencyTotalAgencyNon-AgencyTotalAgencyNon-AgencyTotal
Beginning balance
$714,006 $772,389 $1,486,395 $865,587 $591,562 $1,457,149 $11,960 $660,002 $671,962 
Fair value election - Transfer from MSRs carried at amortized cost
— — — — — — 336,882 — 336,882 
Cumulative effect of fair value election
— — — — — — 82,043 — 82,043 
Sales
— (143)(143)(3,578)(766)(4,344)(4,748)(1,492)(6,240)
Additions:
Recognized on the sale of residential mortgage loans
68,734 — 68,734 8,795 — 8,795 8,279 — 8,279 
Recognized in connection with the acquisition of PHH
— — — — — — 494,348 23,779 518,127 
Purchase of MSRs
285,134 — 285,134 153,505 — 153,505 5,433 — 5,433 
Servicing transfers and adjustments (1)
(266,248)403 (265,845)— (7,309)(7,309)(1,047)(4,833)(5,880)
Changes in fair value (2):
Changes in valuation inputs or assumptions
(133,072)26,870 (106,202)(171,050)265,003 93,953 11,558 (5,705)5,853 
Realization of expected future cash flows and other changes
(89,597)(83,659)(173,256)(139,253)(76,101)(215,354)(79,121)(80,189)(159,310)
Ending balance
$578,957 $715,860 $1,294,817 $714,006 $772,389 $1,486,395 $865,587 $591,562 $1,457,149 
(1)Servicing transfers and adjustments include a $263.7 million derecognition of MSRs/Rights to MSRs effective with the February 20, 2020 notice of termination of the PMC subservicing agreement by NRZ. See Note 10 — Rights to MSRs for further information.
(2)Changes in fair value are recognized in MSR valuation adjustments, net in the consolidated statements of operations.
Schedule of Composition of Primary Servicing and Subservicing Portfolios by Type of Property Serviced as Measured by UPB
UPB at December 31,
202020192018
Owned MSRs$90,174,495 $70,973,496 $68,236,270 
NRZ pledged MSRs (1)64,061,198 108,837,877 126,643,940 
 Total MSR UPB$154,235,693 $179,811,373 $194,880,210 
(1)MSRs subject to sale agreements with NRZ that do not meet sale accounting criteria. See Note 10 — Rights to MSRs.
Summary of Geographic Distributions of UPB and Count of Residential Loans and Real Estate Serviced
The geographic concentration of the UPB of residential loans and real estate we serviced at December 31, 2020 was as follows:
 AmountCount
California$38,640,172 144,717 
New York13,474,135 56,917 
Florida11,443,408 86,518 
New Jersey8,564,107 39,287 
Texas7,476,092 73,382 
Other74,637,779 556,596 
 $154,235,693 957,417 
Schedule of Components of Servicing and Subservicing Fees

Years Ended December 31,
Servicing Revenue
202020192018
Loan servicing and subservicing fees
Servicing$216,263 $227,490 $227,639 
Subservicing28,886 15,459 8,904 
NRZ383,685 577,015 539,039 
Total loan servicing and subservicing fees628,834 819,964 775,582 
Ancillary income
Late charges47,687 57,194 61,453 
Home Affordable Modification Program (HAMP) fees (1)565 5,538 14,312 
Custodial accounts (float earnings)9,939 47,562 40,115 
Loan collection fees12,919 15,539 18,392 
Other37,376 29,710 27,229 
Total ancillary income108,486 155,543 161,501 
 $737,320 $975,507 $937,083 
(1)The HAMP expired on December 31, 2016. Borrowers who had requested assistance or to whom an offer of assistance had been extended as of that date had until September 30, 2017 to finalize their modification. We continue to earn HAMP success fees for HAMP modifications that remain less than 90 days delinquent at the first-, second- and third-year anniversary of the start of the trial modification.