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v3.25.1

LOANS HELD FOR SALE, AT FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Unpaid Principal Balance of LHFS by Type of Loan | The following table represents the unpaid principal balance of loans held for sale by product type of loan as of March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
|  | Amount |  | % |  | Amount |  | %
Conforming - fixed |  | $ | 1,167,078 |  |  | 43 | % |  | $ | 1,185,638 |  |  | 46 | %
Conforming - ARM |  | 49,514 |  |  | 2 |  |  | 41,661 |  |  | 2 |
Government - fixed |  | 984,313 |  |  | 36 |  |  | 986,799 |  |  | 38 |
Government - ARM |  | 46,907 |  |  | 2 |  |  | 36,330 |  |  | 1 |
Other - residential mortgage loans |  | 415,181 |  |  | 15 |  |  | 288,480 |  |  | 11 |
HELOC |  | 60,972 |  |  | 2 |  |  | 58,849 |  |  | 2 |
Total |  | 2,723,965 |  |  | 100 | % |  | 2,597,757 |  |  | 100 | %
Fair value adjustment |  | 41,452 |  |  |  |  | 5,978 |  |  |
Loans held for sale, at fair value |  | $ | 2,765,417 |  |  |  |  | $ | 2,603,735 |  |  |
Summary of Changes in Balance of Loans Held For Sale | A summary of the changes in the balance of loans held for sale is as follows:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Balance at beginning of period |  | $ | 2,603,735 |  |  | $ | 2,132,880 |  |  |  |  |
Origination and purchase of loans |  | 5,049,308 |  |  | 4,502,323 |  |  |  |  |
Sales |  | (5,157,212) |  |  | (4,431,543) |  |  |  |  |
Repurchases |  | 252,591 |  |  | 137,712 |  |  |  |  |
Principal payments |  | (17,352) |  |  | (26,073) |  |  |  |  |
Fair value gain (loss) |  | 34,347 |  |  | (15,241) |  |  |  |  |
Balance at end of period |  | $ | 2,765,417 |  |  | $ | 2,300,058 |  |  |  |  |
Components of Gain on Origination and Sale of Loans, Net | Gain on origination and sale of loans, net is comprised of the following components:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Premium from loan sales |  | $ | 8,208 |  |  | $ | 20,195 |  |  |  |  |
Servicing rights additions |  | 52,686 |  |  | 48,375 |  |  |  |  |
Unrealized (losses) gains from derivative assets and liabilities |  | (18,474) |  |  | 66,209 |  |  |  |  |
Realized gains (losses) from derivative assets and liabilities |  | 9,174 |  |  | (63,238) |  |  |  |  |
Discount points, rebates and lender paid costs |  | 80,681 |  |  | 60,338 |  |  |  |  |
Fair value gain (loss) |  | 34,347 |  |  | (15,241) |  |  |  |  |
Provision for loan loss obligation for loans sold |  | (246) |  |  | (578) |  |  |  |  |
Total gain on origination and sale of loans, net |  | $ | 166,376 |  |  | $ | 116,060 |  |  |  |  |
Schedule of Debt Securities, Held-For-Sale, Past Due | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale.
|  | March 31, 2025 |  | December 31, 2024
|  | Fair value |  | UPB |  | Difference |  | Fair value |  | UPB |  | Difference
Current through 89 days delinquent |  | $ | 2,751,461 |  |  | $ | 2,708,487 |  |  | $ | 42,974 |  |  | $ | 2,582,937 |  |  | $ | 2,574,623 |  |  | $ | 8,314 |
90+ days delinquent(1) |  | 13,956 |  |  | 15,478 |  |  | (1,522) |  |  | 20,798 |  |  | 23,134 |  |  | (2,336) |
Total |  | $ | 2,765,417 |  |  | $ | 2,723,965 |  |  | $ | 41,452 |  |  | $ | 2,603,735 |  |  | $ | 2,597,757 |  |  | $ | 5,978 |
(1) 90+ days delinquent loans are on non-accrual status.

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