Quarterly report pursuant to Section 13 or 15(d)

Mortgage Servicing Rights, at Fair Value (Tables)

v3.23.1
Mortgage Servicing Rights, at Fair Value (Tables)
3 Months Ended
Mar. 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):
March 31, 2023 December 31, 2022
Fannie Mae/Freddie Mac $ 166,471  $ 7,051,851 
Ginnie Mae 527,286  532,328 
Private investors 1,008,263  1,018,159 
Total UPB $ 1,702,020  $ 8,602,338 
Weighted average interest rate 3.53  % 3.59  %

The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
For the three months ended March 31, 2023 For the three months ended March 31, 2022
Beginning UPB $ 8,602,338  $ 39,299,416 
Originated MSR 42,011  4,257,281 
Sales MSR (6,845,346) (8,368,734)
Payoffs MSR (36,793) (805,668)
Other (60,190) (323,737)
Ending UPB $ 1,702,020  $ 34,058,558 

The activity in the MSR asset consisted of the following (in thousands):
For the three months ended March 31, 2023 For the three months ended March 31, 2022
Beginning balance $ 95,096  $ 427,942 
Originations 405  53,444 
Sales (80,419) (107,652)
Changes in fair value due to:
Changes in market inputs or assumptions used in valuation model (359) 63,890 
Changes in fair value due to portfolio runoff and other (1,010) (11,522)
Ending balance $ 13,713  $ 426,102