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Subsequent Events | 9 Months Ended
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Sep. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Sale of Mortgage Servicing and Third Party Origination Platform On October 31, 2024, we executed the previously announced sale of certain mortgage servicing rights and servicing related assets and liabilities which represent substantially all of our mortgage servicing activities, third party loan origination platform and other related assets and liabilities, for approximately $1.3 billion in total cash and other consideration. Other consideration consists of a customary five percent holdback related to mortgage servicing rights to be settled later in the fourth quarter 2024. This includes the sale of nearly all of the mortgage servicing rights, loans, other assets and other liabilities classified as assets held for sale and liabilities associated with assets held for sale at September 30, 2024. We expect to recognize a pre-tax net gain on sale in the fourth quarter 2024 of approximately $175 million. We also expect to incur pre-tax costs, primarily the impairment of capitalized assets and severance costs associated with the transaction totaling approximately $75 million. A portion of the employees involved in the servicing activities will remain employees of the Company during a transitional period and ultimately transition to the purchaser, who will reimburse us for the cost of the employees during the transition period. Federal Reserve Advances The Company had $1.0 billion drawn under the Federal Reserve Bank Term Funding Program at September 30, 2024, which was scheduled to mature in December 2024. This draw was repaid in full during October 2024.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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