Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 78

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 78
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) Total HFA Government Conventional(d) Total Servicing portfolio(a)$54,095 $24,797 $137,543 $216,435 $52,807 $25,139 $138,428 $216,374 Fair value$819 $489 $2,004 $3,312 $856 $512 $2,001 $3,369 Value (bps)(b)151 197 146 153 162 204 145 156 Weighted-average servicing fees (bps)35 45 25 30 35 45 25 30 Multiple (value/servicing fees)4.27 4.41 5.74 5.08 4.57 4.56 5.69 5.17 Weighted-average note rate4.99 %4.36 %3.91 %4.23 %4.92 %4.35 %3.87 %4.18 %Weighted-average age (in years)4.66.35.15.14.56.15.05.0Weighted-average expected prepayment (constant prepayment rate)10.5 %10.6 %8.2 %9.0 %9.9 %10.2 %7.8 %8.6 %Weighted-average expected life (in years)7.26.67.37.27.56.87.47.4Weighted-average option adjusted spread(c)6.8 %6.6 %5.1 %5.7 %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 March 31, 2025 and December 31, 2024, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows:  March 31, 2025