Quarterly report pursuant to Section 13 or 15(d)

Mortgage Servicing Rights, at Fair Value (Tables)

v3.22.2
Mortgage Servicing Rights, at Fair Value (Tables)
 6 Months Ended
Jun. 30, 2022
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):
 
 
  
June 30, 2022
 
 
December 31, 2021
 
Fannie Mae/Freddie Mac
   
$
27,446,915
 
   $ 37,079,995  
Ginnie Mae
   
 
995,944
 
     1,109,962  
Private investors
   
 
1,051,790
 
     1,109,459  
    
 
 
    
 
 
  
Total UPB
   
$
29,494,649
 
   $ 39,299,416  
    
 
 
    
 
 
  
Weighted average interest rate
   
 
3.32
% 
     3.03 % 
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
 
 
  
For the three

months ended

June 30, 2022
 
 
For the six

months ended

June 30, 2022
 
 
For the three

months ended

June 30, 2021
 
  
For the three

months ended

March 31, 2021
 
 
  
Successor
 
  
Predecessor
 
Beginning UPB
   
$
34,058,558
 
  
$
39,299,416
 
   $ 26,675,358      $ 22,269,362  
Originated MSRs
   
 
3,375,623
 
  
 
7,632,904
 
     5,139,859        6,312,227  
Purchased MSRs
   
 
—  
 
  
 
—  
 
     5,537        866,806  
Sold MSRs
   
 
(7,123,286
 )  
 
(15,492,020
) 
     —          (1,090,267 ) 
Portfolio runoff
   
 
(524,107
) 
  
 
(1,329,775
) 
     (987,056 )       (1,488,977 ) 
Other
   
 
(292,139
) 
  
 
(615,876
) 
     (241,511 )       (193,793 ) 
    
 
 
    
 
 
    
 
 
     
 
 
  
Ending UPB
   
$
29,494,649
 
  
$
29,494,649
 
   $ 30,592,187      $ 26,675,358  
    
 
 
    
 
 
    
 
 
     
 
 
  
The activity in the MSRs asset consisted of the following (in thousands):
 
 
  
For the three

months ended

June 30, 2022
 
 
For the six

months ended

June 30, 2022
 
 
For the three

months ended

June 30, 2021
 
  
For the three

months ended

March 31, 2021
 
 
  
Successor
 
  
Predecessor
 
Beginning balance
   
$
426,102
 
  
$
427,942
 
   $ 267,364     $ 180,684  
Originations
   
 
41,218
 
  
 
94,662
 
     50,049       65,964  
Purchases
   
 
—  
 
  
 
—  
 
     61       9,014  
Sales
   
 
(95,643
) 
  
 
(203,295
) 
     —         (8,647 ) 
Changes in fair value due to:
                       
 
        
Changes in market inputs or assumptions used in valuation model
   
 
(2,570
) 
  
 
61,320
 
     (16,051 )      35,109  
Changes in fair value due to portfolio runoff and other
   
 
(10,101
) 
  
 
(21,623
) 
     (10,485 )      (14,760 ) 
    
 
 
    
 
 
    
 
 
    
 
 
  
Ending balance
   
$
359,006
 
  
$
359,006
 
   $ 290,938     $ 267,364  
    
 
 
    
 
 
    
 
 
    
 
 
  
Summary of Information regarding loan servicing portfolio delinquencies percentages and unpaid balance
The following table provides a summary of the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total UPB of the portfolio:
 
    
June 30, 2022
    
December 31, 2021
  
    
Number of

Loans
    
Unpaid

Balance
    
Number of

Loans
    
Unpaid

Balance
  
Portfolio delinquency
                                 
30 days
   
 
0.5
% 
  
 
0.5
% 
     0.4 %      0.3 % 
60 days
   
 
0.1
% 
  
 
0.1
% 
     0.1 %      0.0 % 
90 or more days
   
 
0.3
% 
  
 
0.3
% 
     0.1 %      0.1 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
 
0.9
% 
  
 
0.9
% 
     0.6 %      0.4 % 
    
 
 
    
 
 
    
 
 
    
 
 
  
Foreclosure/real estate owned
   
 
0.0
% 
  
 
0.0
% 
     0.0 %      0.0 %