Mortgage Servicing Rights, at Fair Value
|6 Months Ended|
Jun. 30, 2021
|Transfers and Servicing [Abstract]|
|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 mortgage servicing rights 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 $13.7 million for the Successor period from April 1, 2021 to June 30, 2021 and $13.0 million for the Predecessor period of January 1, 2021 to March 31, 2021. Fees for the Predecessor were $1.7 million and $1.8 million for the three months ended and six months ended June 30, 2020, respectively. These fees and changes in fair value of the MSRs are recorded within fee income on the Consolidated Statements of Operations.
The following table provides a summary of the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance 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