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Mortgage Loans Held-for-Sale (Tables)
12 Months Ended
Dec. 31, 2018
Mortgage Loans Held-for-Sale  
Summary of the unpaid principal balance (UPB ) of mortgage loans held-for-sale by type

 

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

 

 

2018

 

2017

 

Government (1)

    

$

39,522

    

$

263,512

 

Conventional (2)

 

 

53,148

 

 

193,055

 

Other (3)

 

 

256,491

 

 

93,012

 

Fair value adjustment (4)

 

 

4,440

 

 

19,202

 

Total mortgage loans held-for-sale

 

$

353,601

 

$

568,781

 


(1)

Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA).

(2)

Includes loans eligible for sale to Fannie Mae and Freddie Mac.

(3)

Includes non-qualified mortgage (NonQM) loans.

(4)  Changes in fair value are included in gain on sale of loans, net on the accompanying consolidated statements of operations and comprehensive loss.

Schedule of gain on loans held-for-sale (LHFS)

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

December 31, 

 

 

2018

 

2017

Gain on sale of mortgage loans

    

$

102,899

    

$

187,204

Premium from servicing retained loan sales

 

 

24,879

 

 

56,049

Unrealized losses from derivative financial instruments

 

 

(2,025)

 

 

(6,412)

Realized gains (losses) from derivative financial instruments

 

 

11,878

 

 

(4,576)

Mark to market (loss) gain on LHFS

 

 

(14,762)

 

 

8,367

Direct origination expenses, net

 

 

(51,045)

 

 

(102,928)

Provision for repurchases

 

 

(5,074)

 

 

(1,557)

Total gain on sale of loans, net

 

$

66,750

 

$

136,147