Mortgage Banking Activities, Net (Tables)

6 Months Ended

Jun. 30, 2023

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three and six months ended June 30, 2023 and 2022.

Table 20.1 – Mortgage Banking Activities


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2023		2022		2023		2022
Residential Mortgage Banking Activities, Net
Changes in fair value of:
Residential loans, at fair value (1)	$	1,335	$	(33,414)	$	8,090	$	(102,236)
Trading securities (2)	1,923		1,315		1,923		4,101
Risk management derivatives (3)	2,469		9,900		(902)		83,254
Other income, net (4)	1,334		4,412		1,315		5,029
Total residential mortgage banking activities, net	7,061		(17,787)		10,426		(9,852)

Business Purpose Mortgage Banking Activities, Net:
Changes in fair value of:
BPL term loans, at fair value (1)	(1,132)		(39,994)		11,534		(65,187)
BPL bridge loans, at fair value	2,297		116		3,450		2,251
Risk management derivatives (3)	2,957		15,487		(2,139)		32,520
Other income, net (5)	5,369		12,161		9,952		26,566
Total business purpose mortgage banking activities, net	9,491		(12,230)		22,797		(3,850)
Mortgage Banking Activities, Net	$	16,552	$	(30,017)	$	33,223	$	(13,702)

(1)For residential loans, includes changes in fair value for associated loan purchase commitments. For BPL term loans, includes changes in fair value for associated interest rate lock commitments.

(2)Represents fair value changes on trading securities that are being used along as hedges to manage the mark-to-market risks associated with our residential mortgage banking operations.

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations.

(4)Amounts in this line item include other fee income from loan acquisitions and provisions for repurchases, presented net.

(5)Amounts in this line item include other fee income from loan originations.