Annual report pursuant to Section 13 and 15(d)

Mortgage Servicing Rights, at Fair Value (Tables)

v3.22.0.1
Mortgage Servicing Rights, at Fair Value (Tables)
12 Months Ended
Dec. 31, 2021
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, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
Fannie Mae/Freddie Mac   
$
37,079,995
 
   $ 20,501,504  
Ginnie Mae   
 
1,109,962
 
     1,727,831  
Private investors   
 
1,109,459
 
     40,027  
    
 
 
    
 
 
 
Total UPB
  
$
39,299,416
 
   $ 22,269,362  
    
 
 
    
 
 
 
Weighted average interest rate
  
 
3.03
     3.10
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
                         
    
April 1, 2021

to

December 31, 2021
    
January 1, 2021

to

March 31, 2021
   
For the year
ended
December 31, 2020
 
    
Successor
    
Predecessor
 
Beginning UPB   
$
26,675,358
 
  
$
22,269,362
 
  $ 288,057  
Originated MSR   
 
17,491,713
 
  
 
6,312,227
 
    21,241,997  
Purchased MSR   
 
234,007
 
  
 
866,806
 
    1,966,657  
Sales MSR
  
 
(320,027
  
 
(1,090,267
    (527
Payoffs MSR
  
 
(3,935,261
  
 
(1,488,977
    (991,716
Other
  
 
(846,374
  
 
(193,793
    (235,106
    
 
 
    
 
 
 
 
 
 
 
Ending UPB
  
$
39,299,416
 
  
$
26,675,358
 
  $ 22,269,362  
    
 
 
    
 
 
   
 
 
 
The activity in the mortgage servicing rights asset consisted of the following (in thousands):
                         
    
April 1, 2021

to

December 31, 2021
    
January 1, 2021

to

March 31, 2021
   
For the year
ended
December 31, 2020
 
    
Successor
    
Predecessor
 
Beginning balance   
$
267,364
 
  
$
180,684
 
  $ 2,600  
Originations   
 
161,364
 
  
 
65,964
 
    159,434  
Purchases   
 
16,915
 
  
 
9,014
 
    14,088  
Sales   
 
(2,501
  
 
(8,647
    —    
Changes in fair value due to:
      
 
  
 
 
 
       
Changes in market inputs or assumptions used in valuation model
  
 
26,950
 
  
 
35,109
 
    14,817  
Changes in fair value due to portfolio runoff and other
  
 
(42,150
  
 
(14,760
    (10,255
    
 
 
    
 
 
 
 
 
 
 
Ending balance   
$
427,942
 
  
$
267,364
 
  $ 180,684  
    
 
 
    
 
 
   
 
 
 
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:
                                 
    
December 31, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
    
Number of
Loans
   
Unpaid
Balance
    
Number of
Loans
   
Unpaid
Balance
 
Portfolio delinquency
              
 
                
30 days
  
 
0.4
   
0.3
%
 
     0.5     0.5
60 days
  
 
0.1
 
 
0.0
     0.1     0.1
90 or more days
  
 
0.1
 
 
0.1
     0.2     0.1
    
 
 
   
 
 
    
 
 
   
 
 
 
Total
     0.6     0.4      0.8     0.7
    
 
 
   
 
 
    
 
 
   
 
 
 
Foreclosure/real estate owned
  
 
0.0
 
 
0.0
     0.0     0.0