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Loans Held for Sale (Tables)
6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Loans Held for Sale Fair Value
Loans Held for Sale - Fair Value
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning balance$716,024 $500,814 $917,534 $366,364 
Originations and purchases4,681,989 3,286,826 8,154,599 6,620,727 
Proceeds from sales(4,603,355)(3,094,639)(8,174,218)(6,263,654)
Principal collections(65,765)(11,285)(95,231)(16,703)
Transfers from (to):
Loans held for investment, at fair value 16,492 777 19,630 1,678 
Receivables, net32,911 (8,893)32,211 (17,526)
REO (Other assets)(24)(1,493)(24)(3,545)
Gain (loss) on sale of loans (114,300)(1,067)(186,602)(14,799)
Capitalization of advances on Ginnie Mae modifications5,810 3,897 13,114 7,291 
Increase (decrease) in fair value of loans10,841 4,567 (1,429)(689)
Other 2,517 1,362 3,556 1,722 
Ending balance (1)
$683,140 $680,866 $683,140 $680,866 
(1)At June 30, 2022 and 2021, the balances include $(5.7) million and $(7.4) million, respectively, of fair value adjustments.
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity
Loans Held for Sale - Lower of Cost or Fair Value
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Beginning balance - before Valuation Allowance$13,347 $22,471 $15,365 $27,652 
Proceeds from sales(4,824)(1,827)(5,160)(6,667)
Principal collections(393)— (621)(214)
Transfers from (to):
Receivables, net(89)(492)(1,192)(716)
REO (Other assets)— (72)(358)(545)
Gain on sale of loans— 125 514 
Other97 73 100 254 
Ending balance - before Valuation Allowance8,138 20,278 8,138 20,278 
Beginning balance - Valuation Allowance $(4,320)$(5,462)$(4,372)$(6,180)
(Provision for) reversal of valuation allowance109 277 38 980 
Transfer to Liability for indemnification obligations (Other liabilities)398 61 521 76 
Ending balance - Valuation Allowance(3,813)(5,124)(3,813)(5,124)
Ending balance, net $4,325 $15,154 $4,325 $15,154 
Schedule of Gains on Loans Held for Sale, Net
Gain (Loss) on Loans Held for Sale, Net
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Gain (loss) on sales of loans, net
MSRs retained on transfers of forward mortgage loans
$60,162 $35,802 $105,965 $70,062 
Gain (loss) on sale of forward mortgage loans (1) (90,298)(4,272)(162,594)(22,839)
Gain (loss) on sale of repurchased Ginnie Mae loans (1)(2)(10,262)3,416 (9,664)8,316 
 (40,398)34,946 (66,292)55,539 
Change in fair value of IRLCs890 3,528 (11,167)(5,090)
Change in fair value of loans held for sale12,048 5,149 362 168 
Gain (loss) on economic hedge instruments (3)29,118 (188)76,224 (188)
Other (718)(722)(1,393)(1,995)
$940 $42,713 $(2,266)$48,434 
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.
(2)Includes an $8.8 million loss during the three months ended June 30, 2022 on certain delinquent and aged loans repurchased in connection with the Ginnie Mae EBO program with an aggregated UPB of $299.7 million, net of the associated MSR fair value adjustment.
(3)Excludes gains (losses) of $0.1 million and $13.4 million during the three and six months ended June 30, 2022, respectively, and $(11.3) million and $24.1 million during the three and six months ended June 30, 2021, respectively, on inter-segment economic hedge derivatives presented within MSR valuation adjustments, net. Third-party derivatives are hedging the net exposure of MSR and pipeline, and the change in fair value of derivatives are reported within MSR valuation adjustments, net. Inter-segment derivatives are established to transfer risk and allocate hedging gains/losses to the pipeline separately from the MSR portfolio. Refer to Note 19 – Business Segment Reporting.