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MORTGAGE LOANS HELD FOR SALE

6 Months Ended

Jun. 30, 2024

Mortgage Loans Held For Sale [Abstract]

The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service these loans upon sale through ownership of servicing rights. A

reconciliation of the changes in MLHS to the amounts presented in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and June 30, 2023 is set forth below:


	Six Months Ended June 30,
(in thousands)	2024		2023
Balance — beginning of period	$	901,227	$	845,775
Origination and purchase of mortgage loans held for sale	9,650,745		7,012,503
Proceeds on sale of and payments from mortgage loans held for sale	(9,057,786)		(6,877,200)

Gain on sale of mortgage loans excluding fair value of other financial instruments, net	235,539		151,020
Valuation adjustment of mortgage loans held for sale	(718)		(6,106)
Balance — end of period	$	1,729,007	$	1,125,992