Quarterly report pursuant to Section 13 or 15(d)

MORTGAGE SERVICING RIGHTS (Tables)

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MORTGAGE SERVICING RIGHTS (Tables)
 3 Months Ended
Mar. 31, 2024
Transfers and Servicing [Abstract]  
Summary of Activity of Mortgage Servicing Rights
The following table presents the activity of MSRs for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31,
(in thousands)
 2024 2023
Balance — beginning of period $ 1,161,357  $ 1,139,539 
MSRs originated
 34,234  27,493 
MSRs purchased
 114  — 
Changes in fair value:
Due to collection/realization of cash flows (12,119) (11,170)
Due to changes in valuation model inputs or assumptions 32,897  (43,701)
Balance — end of period $ 1,216,483  $ 1,112,161 
Summary of Weighted Average Discount Rate, Prepayment Speed and Cost to Service Assumptions Used to Determine Fair Value of MSRs
The following table presents the unobservable input assumptions used to determine the fair value of MSRs:
March 31,
2024		 December 31,
2023
Unobservable Input Range (Weighted Average)
Discount rate
9.6% - 15.5% (10.9%)
9.6% - 15.5% (10.9%)
Prepayment rate
6.1% - 36.0% (8.0%)
6.4% - 32.0% (8.5%)
Cost to service (per loan)
$71.9 - $657.7 ($96.2)
$72.1 - $366.3 ($96.4)
Summary of Actual Revenue Generated from Servicing Activities
Actual revenue generated from servicing activities included contractually specified servicing fees, as well as late fees and other ancillary servicing revenue, which were recorded within loan servicing and other fees as follows for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31,
(in thousands)
 2024 2023
Servicing fees from servicing portfolio $ 64,034  $ 58,980 
Late fees 2,056  1,668 
Other ancillary servicing revenue and fees (302) (561)
Total loan servicing and other fees $ 65,788  $ 60,087 
Summary of Impact of Adverse Changes on Prepayment Speeds, Discount Rate and Cost to Service at Two Different Data Points
The following table illustrates the impact of adverse changes on the prepayment speeds, discount rate and cost to service at two different data points at March 31, 2024 and December 31, 2023, respectively:
Prepayment Speeds Discount Rate Cost to Service (per loan)
(in thousands) 10% Adverse
Change		 20% Adverse
Change		 10% Adverse
Change		 20% Adverse
Change		 10% Adverse
Change		 20% Adverse
Change
March 31, 2024
Mortgage servicing rights $ (37,007) $ (73,615) $ (50,026) $ (98,014) $ (10,790) $ (23,250)
December 31, 2023
Mortgage servicing rights $ (36,968) $ (72,701) $ (47,899) $ (93,196) $ (11,315) $ (23,573)