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v3.25.1

LOANS HELD FOR SALE, AT FAIR VALUE | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
LOANS HELD FOR SALE, AT FAIR VALUE | LOANS HELD FOR SALE, AT FAIR VALUE 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 |  |  |
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 |  |  |  |  |
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 |  |  |  |  |
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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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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