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LOANS HELD FOR SALE, AT FAIR VALUE

3 Months Ended

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

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- References

No definition available.

+ Details

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