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Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Carried at Fair Value

The following tables present assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2024 and December 31, 2023, and that were included in the Company’s Consolidated Statements of Condition at those dates:

			December 31, 2024
(in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Assets:
Mortgage-related Debt Securities Available for Sale:
GSE collateralized mortgage obligations			$	—					$	7,304					$	—					$	7,304
GSE certificates			—						1,106						—						1,106
Private Label collateralized mortgage obligations			—						130						33						163
Total mortgage-related debt securities			$	—					$	8,540					$	33					$	8,573
Other Debt Securities Available for Sale:
GSE debentures			$	—					$	1,203					$	—					$	1,203
Corporate bonds			—						308						—						308
Asset-backed securities			—						236						—						236
Municipal bonds, foreign notes, and capital trust			—						82						—						82
Total other debt securities			$	—					$	1,829					$	—					$	1,829
Total debt securities available for sale			$	—					$	10,369					$	33					$	10,402
Equity securities:
Mutual funds and common stock			$	—					$	14					$	—					$	14
Total equity securities			$	—					$	14					$	—					$	14
Total securities			$	—					$	10,383					$	33					$	10,416
Loans held for sale
Residential first mortgage loans			$	—					$	382					$	—					$	382
Acquisition, development, and construction			—						182						—						182
Loans held for investment
Residential first mortgage loans			—						—						—						—
Derivative assets
Interest rate swaps and swaptions			—						15						—						15
Mortgage-backed securities forwards			—						7						—						7
Rate lock commitments (fallout-adjusted)			—						—						3						3
Mortgage servicing rights			—						—						26						26
Total assets at fair value			$	—					$	10,969					$	62					$	11,031
Derivative liabilities
Interest rate swaps and swaptions			$	—					$	30					$	—					$	30
Rate lock commitments (fallout-adjusted)			—						—						3						3
Mortgage-backed securities forwards			—						2						—						2
Total liabilities at fair value			$	—					$	32					$	3					$	35

			December 31, 2023
(in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Assets:
Mortgage-related Debt Securities Available for Sale:
GSE collateralized mortgage obligations			$	—					$	5,162					$	—					$	5,162
GSE certificates			—						1,221						—						1,221
Private Label collateralized mortgage obligations			—						148						32						180
Total mortgage-related debt securities			$	—					$	6,531					$	32					$	6,563
Other Debt Securities Available for Sale:
GSE debentures			$	—					$	1,609					$	—					$	1,609
Corporate bonds			—						343						—						343
Asset-backed securities			—						302						—						302
U. S. Treasury obligations			198						—						—						198
Municipal bonds, foreign notes, and capital trust			—						130						—						130
Total other debt securities			$	198					$	2,384					$	—					$	2,582
Total debt securities available for sale			$	198					$	8,915					$	32					$	9,145
Equity securities:
Mutual funds and common stock			$	—					$	14					$	—					$	14
Total equity securities			$	—					$	14					$	—					$	14
Total securities			$	198					$	8,929					$	32					$	9,159
Loans held for sale
Residential first mortgage loans			$	—					$	770					$	—					$	770
Acquisition, development, and construction			—						123						—						123
Commercial and industrial loans			—						9						—						9
Derivative assets
Interest rate swaps and swaptions			—						115						—						115
Rate lock commitments (fallout-adjusted)			—						—						12						12
Mortgage-backed securities forwards			—						11						—						11
Mortgage servicing rights			—						—						1,111						1,111
Total assets at fair value			$	198					$	9,957					$	1,155					$	11,310
Derivative liabilities
Interest rate swaps and swaptions			$	—					$	59					$	—					$	59
Mortgage-backed securities forwards			—						32						—						32
Rate lock commitments (fallout-adjusted)			—						—						3						3
Futures			—						1						—						1
Total liabilities at fair value			$	—					$	92					$	3					$	95

Schedule of Roll Forward of Financial Instruments

The following tables include a roll forward of the Consolidated Statements of Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy:

(dollars in millions)			Balance at Beginning of Year						Total Gains / (Losses) Recorded in Earnings (1)						Purchases / Originations						Sales												Transfers In (Out)						Balance at End of Year
Year Ended December 31, 2024
Assets
Mortgage servicing rights (1)			$	1,111					$	(75)					$	184					$	(1,194)											$	—					$	26
Private Label collateralized mortgage obligations			32						1						—						—												—						33
Rate lock commitments (net) (1)(2)			9						5						57						—												(71)						—
Totals			$	1,152					$	(69)					$	241					$	(1,194)											$	(71)					$	59
Year ended December 31, 2023
Assets
Mortgage servicing rights (1)			$	1,033					$	(79)					$	208					$	(51)											—						$	1,111
Private Label collateralized mortgage obligations			—						—						—						—												32						32
Rate lock commitments (net) (1)(2)			(1)						(49)						104						—												(45)						9
Totals			$	1,032					$	(128)					$	312					$	(51)											$	(13)					$	1,152

(1)We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with mortgage servicing rights and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments.

(2)Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to loans held for sale, which are classified as Level 2 assets.

Schedule of Quantitative Information about Recurring Level 3 Fair Value Financial Instruments

The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of December 31, 2024 and December 31, 2023:

Fair Value

Valuation Technique

Unobservable Input

Range (Weighted Average)

(dollars in millions)

Assets

Mortgage servicing rights

$26

Discounted cash flows

Option adjusted spread

0.8% - 16.4% (2.1%)

Constant prepayment rate

0.0% - 11.7% (9.4%)

Weighted average cost to service per loan

$65 - $90 ($71)

Private Label collateralized mortgage obligations

$33

Discounted cash flows

Constant default rates

0.10% - 0.20%

Weighted average life

5.5 - 12.2

Rate lock commitments (net)

$0

Consensus pricing

Origination pull-through rate

50.40%

			Fair Value			Valuation Technique			Unobservable Input			Range (Weighted Average)
			(dollars in millions)
Assets
Mortgage servicing rights			$	1,111		Discounted cash flows			Option adjusted spread			5.0% - 21.7% (5.4%)
									Constant prepayment rate			0.0% - 10.0% (7.9%)
									Weighted average cost to service per loan			$65 - $90 ($69)
Private Label collateralized mortgage obligations			$	32		Discounted cash flows			Constant default rates			0.10% - 0.30%
									Weighted average life			8.2 - 11.8
Rate lock commitments (net)			$	9		Consensus pricing			Origination pull-through rate			64.30%

Schedule of Assets Measured at Fair Value on a Nonrecurring Basis

The following tables present assets that were measured at fair value on a non-recurring basis as of December 31, 2024 and December 31, 2023:

			Fair Value Measurements at December 31, 2024 Using
(in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Certain impaired loans (1)			$	—					$	—					$	2,469					$	2,469
Loans held for sale			—						335						—						335
Other assets (2)			—						—						52						52
Total			$	—					$	335					$	2,521					$	2,856

(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell.

(2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

			Fair Value Measurements at December 31, 2023 Using
(in millions)			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
Certain impaired loans (1)			$	—					$	—					$	197					$	197
Other assets (2)			—						—						50						50
Total			$	—					$	—					$	247					$	247

(1)Represents the fair value of impaired loans, based primarily on the value of the collateral less costs to sell.

(2)Represents the fair value of repossessed assets, based on the appraised value of the collateral subsequent to its initial classification as repossessed assets and equity securities without readily determinable fair values. These equity securities are classified as Level 3 due to the infrequency of the observable prices and/or the restrictions on the shares.

Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments

The following tables summarize the carrying values, estimated fair values, and fair value measurement levels of financial instruments that were not carried at fair value on the Company’s Consolidated Statements of Condition at December 31, 2024 and December 31, 2023:

			December 31, 2024
															Fair Value Measurement Using
(in millions)			Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)									Significant Other Observable Inputs (Level 2)									Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents			$	15,430					$	15,430					$	15,430								$	—								$	—
FHLB and FRB stock (1)			$	1,146					$	1,146					$	—								$	1,146								$	—
Loans and leases held for investment, net			$	67,071					$	61,831					$	—								$	—								$	61,831
Financial Liabilities:
Deposits			$	75,870					$	75,894					$	48,546		(2)						$	27,348		(3)						$	—
Borrowed funds			$	14,426					$	14,217					$	—								$	14,217								$	—

(1)Carrying value and estimated fair value are at cost.

(2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3)Certificates of deposit.

			December 31, 2023
															Fair Value Measurement Using
(in millions)			Carrying Value						Estimated Fair Value						Quoted Prices in Active Markets for Identical Assets (Level 1)									Significant Other Observable Inputs (Level 2)									Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents			$	11,475					$	11,475					$	11,475								$	—								$	—
FHLB and FRB stock (1)			$	1,392					$	1,392					$	—								$	1,392								$	—
Loans and leases held for investment, net			$	83,627					$	79,333					$	—								$	—								$	79,333
Financial Liabilities:
Deposits			$	81,526					$	81,247					$	59,972		(2)						$	21,275		(3)						$	—
Borrowed funds			$	21,267					$	21,082					$	—								$	21,082								$	—

(1)Carrying value and estimated fair value are at cost.

(2)Interest-bearing checking and money market accounts, savings accounts, and non-interest-bearing accounts.

(3)Certificates of deposit.

Schedule of Changes in Fair Value included in Earnings - Fair Value Option

The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:

			Year Ended December 31,
(dollars in millions)			2024						2023						2022
Assets
Loans held for sale
Net gain on loan sales			$	47					$	43					$	8

Schedule of Differences between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding - Fair Value Option

The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected:

			December 31,
			2024									2023
(dollars in millions)			Unpaid Principal Balance			Fair Value			Fair Value Over / (Under) UPB			Unpaid Principal Balance			Fair Value			Fair Value Over / (Under) UPB
Assets:
Non-accrual loans:
Loans held for sale			$	4		$	4		$	—		$	2		$	2		$	—
Total non-accrual loans			$	4		$	4		$	—		$	2		$	2		$	—
Accrual loans:
Loans held for sale			$	553		$	560		$	7		$	869		$	894		$	25
Loans held for investment			67			66			(1)			—			—			—
Total accrual loans			$	620		$	626		$	6		$	869		$	894		$	25
Total loans:
Loans held for sale			$	557		$	564		$	7		$	871		$	896		$	25
Loans held for investment			67			66			(1)			—			—			—
Total loans			$	624		$	630		$	6		$	871		$	896		$	25

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