Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 92

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 92
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 MSRs and related characteristics by portfolio:  September 30, 2025December 31, 2024(Dollars in Millions)HFA Government Conventional(d) Total HFA Government Conventional(d) Total Servicing portfolio(a)$56,166 $23,995 $135,668 $215,829 $52,807 $25,139 $138,428 $216,374 Fair value$840 $472 $1,977 $3,289 $856 $512 $2,001 $3,369 Value (bps)(b)150 197 146 152 162 204 145 156 Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 Multiple (value/servicing fees)4.23 4.41 5.75 5.06 4.57 4.56 5.69 5.17 Weighted-average note rate5.12 %4.40 %4.01 %4.34 %4.92 %4.35 %3.87 %4.18 %Weighted-average age (in years)4.76.65.45.44.56.15.05.0Weighted-average expected prepayment (constant prepayment rate)10.0 %10.2 %8.3 %8.9 %9.9 %10.2 %7.8 %8.6 %Weighted-average expected life (in years)7.56.87.27.37.56.87.47.4Weighted-average option adjusted spread(c)7.3 %6.9 %5.1 %5.9 %5.8 %6.2 %5.6 %5.7 %(a)Represents principal balance of mortgages having corresponding MSR asset. (b)Calculated as fair value divided by the servicing portfolio. (c)Option adjusted spread is the incremental spread added to the risk-free rate to reflect optionality and other risk inherent in the MSRs. 

(d)Represents loans sold primarily to GSEs.  

NOTE 7Preferred StockAt September 30, 2025 and December 31, 2024, the Company had authority to issue 50 million shares of preferred