Loans Held for Sale (Tables)
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6 Months Ended |
Jun. 30, 2022 |
Receivables [Abstract] |
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Schedule of Loans Held for Sale Fair Value |
| | | | | | | | | | | | | | | | | | | | | | | | Loans Held for Sale - Fair Value | Three Months Ended June 30, | | Six Months Ended June 30, | 2022 | | 2021 | | 2022 | | 2021 | Beginning balance | $ | 716,024 | | | $ | 500,814 | | | $ | 917,534 | | | $ | 366,364 | | Originations and purchases | 4,681,989 | | | 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, net | 32,911 | | | (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 modifications | 5,810 | | | 3,897 | | | 13,114 | | | 7,291 | | Increase (decrease) in fair value of loans | 10,841 | | | 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.
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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, | 2022 | | 2021 | | 2022 | | 2021 | 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 | | | 4 | | | 514 | | Other | 97 | | | 73 | | | 100 | | | 254 | | Ending balance - before Valuation Allowance | 8,138 | | | 20,278 | | | 8,138 | | | 20,278 | | | | | | | | | | Beginning balance - Valuation Allowance | $ | (4,320) | | | $ | (5,462) | | | $ | (4,372) | | | $ | (6,180) | | (Provision for) reversal of valuation allowance | 109 | | | 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 | |
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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, | 2022 | | 2021 | | 2022 | | 2021 | 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 IRLCs | 890 | | | 3,528 | | | (11,167) | | | (5,090) | | Change in fair value of loans held for sale | 12,048 | | | 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.
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