Mortgage Banking Activities, Net (Tables)

9 Months Ended

Sep. 30, 2024

Mortgage Banking [Abstract]

Schedule of Mortgage Banking Activities

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three and nine months ended September 30, 2024 and 2023.

Table 5.1 – Mortgage Banking Activities

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2024		2023		2024		2023
Residential Consumer Mortgage Banking Activities, Net:
Changes in fair value of:
Residential consumer loans, at fair value (1)	$	20,959	$	(2,819)	$	31,410	$	5,272
Trading securities (2)	(28,630)		(482)		(17,508)		2,188
Risk management derivatives (3)	34,051		12,158		25,121		10,508
Other income, net (4)	335		107		1,764		1,422
Total residential consumer mortgage banking activities, net	26,715		8,964		40,787		19,390
Residential Investor Mortgage Banking Activities, Net:
Changes in fair value of:
Residential investor term loans, at fair value	6,061		1,600		11,833		13,214
Residential investor bridge loans, at fair value	694		1,438		2,748		4,808
Risk management derivatives (3)	551		3,434		2,692		1,295
Other income, net (5)	5,548		4,004		14,989		13,956
Total residential investor mortgage banking activities, net	12,854		10,476		32,262		33,273
Mortgage Banking Activities, Net	$	39,569	$	19,440	$	73,049	$	52,663

(1)Includes changes in fair value for associated loan purchase commitments for residential consumer loans.

(2)For the three and nine months ended September 30, 2024 and 2023, this represents the fair value changes on trading securities being used as hedges to manage the mark-to-market risks associated with our Residential Consumer Mortgage Banking operations.

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks.

(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.