The following table presents the components of mortgage banking activities, net, recorded in our consolidated income statements for the three and six months ended June 30, 2014 and 2013.

Components of Mortgage Banking Activities, Net


	Three Months Ended June 30,				Six Months Ended June 30,
(In Thousands)	2014		2013		2014		2013
Residential mortgage banking activities:
Changes in fair value of:
Residential loans, at fair value	$	13,375	$	(41,405)	$	20,403	$	(6,535)
Sequoia IO securities		(8,810)		36,336		(13,087)		38,265
Risk management derivatives ⁽¹⁾		(7,858)		46,621		(12,136)		48,508
Loan purchase and forward sale commitments		3,582		-		3,590		-
Other fees		1,040		738		1,495		1,276

Total residential mortgage banking activities:		1,329		42,290		265		81,514

Commercial mortgage banking activities:
Changes in fair value of:
Commercial loans, at fair value		5,714		(345)		9,340		(345)
Risk management derivatives ⁽¹⁾		(815)		2,924		(3,619)		2,059
Other fees		82		-		93		1
Net gains on commercial loan originations and sales		-		3,854		-		11,031

Total commercial mortgage banking activities:		4,981		6,433		5,814		12,746

Mortgage Banking Activities, Net	$	6,310	$	48,723	$	6,079	$	94,260

(1)	Represents market valuation changes of derivatives that are used to manage risks associated with our accumulation of residential and commercial loans.