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Subsequent Events
9 Months Ended
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.