Annual report pursuant to Section 13 and 15(d)

Mortgage Servicing Rights, at Fair Value (Tables)

v3.24.0.1
Mortgage Servicing Rights, at Fair Value (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 December 31, 2022
Fannie Mae/Freddie Mac $ 124,435  $ 7,051,851 
Ginnie Mae 285  532,328 
Private investors 931,940  1,018,159 
Total UPB $ 1,056,660  $ 8,602,338 
Weighted average interest rate 3.71  % 3.59  %
The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of the following (in thousands):
For the year ended December 31, 2023 For the year ended December 31, 2022
Beginning UPB $ 8,602,338  $ 39,299,416 
Originated MSR 42,011  10,098,259 
Sales MSR (7,416,568) (38,233,148)
Payoffs MSR (75,527) (1,671,774)
Other (95,594) (890,415)
Ending UPB $ 1,056,660  $ 8,602,338 

The activity in the MSR asset consisted of the following (in thousands):
For the year ended December 31, 2023 For the year ended December 31, 2022
Beginning balance $ 95,096  $ 427,942 
Originations 405  122,362 
Sales (86,483) (478,197)
Changes in fair value due to:
Changes in market inputs or assumptions used in valuation model (1,014) 51,309 
Changes in fair value due to portfolio runoff and other (1,568) (28,320)
Ending balance $ 6,436  $ 95,096 
Summary of estimated change in the fair value of MSRs from adverse changes in the significant assumptions
The following table summarizes the estimated change in the fair value of MSR from adverse changes in the significant assumptions (in thousands):
December 31, 2023 December 31, 2022
Weighted Average Prepayment Speed Discount Rate Weighted Average Prepayment Speed Discount Rate
Impact on fair value of 10% adverse change NM NM $ (2,677) $ (4,258)
Impact on fair value of 20% adverse change NM NM $ (5,178) $ (8,155)