Quarterly report pursuant to Section 13 or 15(d)

Mortgage Servicing Rights, at Fair Value (Tables)

v3.21.2
Mortgage Servicing Rights, at Fair Value (Tables)
6 Months Ended
Jun. 30, 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):
 
    
June 30, 2021
         
December 31, 2020
 
    
Successor
         
Predecessor
 
Fannie Mae/Freddie Mac
  
$
29,705,985
   
 
   $ 20,501,504  
Ginnie Mae
  
 
553,800
   
 
     1,727,831  
Private investors
  
 
332,402
   
 
     40,027  
    
 
 
        
 
 
 
Total UPB
  
$
30,592,187
         $ 22,269,362  
    
 
 
        
 
 
 
       
Weighted average interest rate
  
 
3.0
         3.1
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
 
    
April 1, 2021
to
June 30, 2021
         
January 1, 2021
to

March 31, 2021
    
For the three
months ended
June 30, 2020
    
For the six
months ended
June 30, 2020
 
    
Successor
         
Predecessor
 
Beginning UPB
  
$
26,675,358
   
 
   $ 22,269,362      $ 402,852      $ 288,057  
Originated MSR
  
 
5,139,859
   
 
     6,312,227        6,849,850        6,986,237  
Purchased MSR
  
 
5,537
   
 
     866,806        —          —    
Payoffs, sales and curtailments
  
 
(1,228,567
 
 
     (2,773,037      (40,859      (62,451
    
 
 
        
 
 
    
 
 
    
 
 
 
Ending UPB
  
$
30,592,187
         $ 26,675,358      $ 7,211,843      $ 7,211,843  
    
 
 
        
 
 
    
 
 
    
 
 
 
The activity in the mortgage servicing rights asset consisted of the following (in thousands):
 
    
April 1, 2021
to
June 30, 2021
         
January 1, 2021
to

March 31, 2021
    
For the three
months ended
June 30, 2020
    
For the six
months ended
June 30, 2020
 
    
Successor
         
Predecessor
 
Beginning balance
  
$
267,364
   
 
   $ 180,684        3,119      $ 2,600  
Originations
  
 
50,049
   
 
     65,964        43,561        44,855  
Purchases
  
 
61
   
 
     9,014        —          —    
Sales
  
 
—  
 
 
 
     (8,647      —          —    
Changes in fair value due to:
          
 
                          
Changes in market inputs or assumptions used in valuation model
  
 
(16,051
 
 
     35,109        (2,749      (3,424
Changes in fair value due to portfolio runoff and other
  
 
(10,485
 
 
     (14,760      (1,247      (1,347
    
 
 
        
 
 
    
 
 
    
 
 
 
Ending balance
  
$
290,938
         $ 267,364      $ 42,684      $ 42,684  
    
 
 
        
 
 
    
 
 
    
 
 
 
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 unpaid balance of the portfolio:
 
    
June 30, 2021
         
December 31, 2020
 
    
Successor
         
Predecessor
 
    
Number of
Loans
   
Unpaid
Balance
         
Number of
Loans
   
Unpaid
Balance
 
Portfolio delinquency
                  
 
                
30 days
  
 
0.4
 
 
0.4
 
 
     0.5     0.5
60 days
  
 
0.0
 
 
0.0
 
 
     0.1     0.1
90 or more days
  
 
0.1
 
 
0.1
 
 
     0.2     0.1
    
 
 
   
 
 
        
 
 
   
 
 
 
Total
  
 
0.5
 
 
0.5
         0.8     0.7
    
 
 
   
 
 
        
 
 
   
 
 
 
           
Foreclosure/real estate owned
  
 
0.0
 
 
0.0
         0.0     0.0