Mortgage Servicing Rights, at Fair Value
|3 Months Ended
Mar. 31, 2022
|Transfers and Servicing [Abstract]
|Mortgage Servicing Rights, at Fair Value
10. Mortgage Servicing Rights, at Fair Value
The servicing portfolio associated with capitalized servicing rights consists of the following (in thousands):
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
The activity in the MSRs asset consisted of the following (in thousands):
The value of MSRs is driven by the net cash flows associated with servicing activities. The cash flows include contractually specified servicing fees, late fees, and other ancillary servicing revenue. The fees were $14.3 million for the Successor three months ended March 31, 2022, and $13.0 million for the Predecessor period from January 1, 2021 to March 31, 2021. These fees and changes in fair value of the MSRs are recorded within fee income on the Condensed Consolidated Statements of Operations (Unaudited). As of March 31, 2022 and December 31, 2021, there were $164.0 million and $142.4 million, respectively, in MSRs, at fair value pledged as collateral for nonrecourse debt.
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:
The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef