Annual report [Section 13 and 15(d), not S-K Item 405]

Mortgage Servicing Rights, at Fair Value

v3.25.0.1
Mortgage Servicing Rights, at Fair Value
 12 Months Ended
Dec. 31, 2024
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights, at Fair Value
9. Mortgage Servicing Rights, at Fair Value

The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands):
December 31, 2024 December 31, 2023
Fannie Mae/Freddie Mac $ —  $ 124,435 
Ginnie Mae —  285 
Private investors —  931,940 
Total UPB $ —  $ 1,056,660 
Weighted average interest rate N/A 3.71  %
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
For the year ended December 31, 2024 For the year ended December 31, 2023
Beginning UPB $ 1,056,660  $ 8,602,338 
Originated MSR —  42,011 
Sales MSR (1,044,708) (7,416,568)
Payoffs MSR (4,925) (75,527)
Other (7,027) (95,594)
Ending UPB $ —  $ 1,056,660 
The activity in the MSR asset consisted of the following (in thousands):
For the year ended December 31, 2024 For the year ended December 31, 2023
Beginning balance $ 6,436  $ 95,096 
Originations —  405 
Sales (5,516) (86,483)
Changes in fair value due to:
Changes in market inputs or assumptions used in valuation model (852) (1,014)
Changes in fair value due to portfolio runoff and other (68) (1,568)
Ending balance $ —  $ 6,436 
The value of the MSR was driven by the net cash flows associated with servicing activities. The cash flows included contractually specified servicing fees, late fees, and other ancillary servicing revenue. The fees were $0.3 million and $2.9 million for the years ended December 31, 2024 and 2023, respectively. These fees and changes in fair value of the MSR are recorded within Fee income in the Consolidated Statements of Operations.