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Mortgage Banking Activities (Tables)
 3 Months Ended
Mar. 31, 2014
Components of Mortgage Banking Activities, Net

The following table presents the components of mortgage banking activities, net, recorded in our consolidated income statements for the three months ended March 31, 2014 and 2013.

Components of Mortgage Banking Activities, Net

 

    Three Months Ended March 31,  

(In Thousands)

               2014                             2013              

Residential mortgage banking activities:

    

Changes in fair value of:

    

Residential loans, at fair value

     $ 7,037          $ 34,870     

Sequoia IO securities

     (4,277)         1,929     

Risk management derivatives (1)

     (4,278)         1,888     

Loan purchase and forward sale commitments

     8          -         
 

 

 

    

 

 

  

Total residential mortgage banking activities:

     (1,510)         38,687     

Commercial mortgage banking activities:

    

Changes in fair value of:

    

Commercial loans, at fair value

     3,626          -         

Risk management derivatives (1)

     (2,803)         (865)    

Net gains on commercial loan originations and sales

     -              7,178     
 

 

 

    

 

 

  

Total commercial mortgage banking activities:

     823          6,313     
 

 

 

    

 

 

  

Mortgage Banking Activities, Net

     $                         (687)         $                         45,000     
 

 

 

    

 

 

  

 

(1)

Represents market valuation changes of derivatives that are used to manage risks associated with our accumulation of residential and commercial loans.