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

Components of Mortgage Banking Activities, Net


	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2014		2013		2014		2013
Residential mortgage banking activities:
Changes in fair value of:
Residential loans, at fair value	$	13,446	$	(10,804)	$	34,554	$	(17,339)
Sequoia IO securities		(1,332)		(1,866)		(14,419)		36,399
Risk management derivatives ⁽¹⁾		(4,297)		75		(16,433)		48,583
Loan purchase and forward sale commitments		2,487		-		6,077		-
Other ⁽²⁾		1,082		359		1,871		1,635

Total residential mortgage banking activities:		11,386		(12,236)		11,650		69,278

Commercial mortgage banking activities:
Changes in fair value of:
Commercial loans, at fair value		4,305		3,171		13,644		2,826
Risk management derivatives ⁽¹⁾		1,892		367		(1,726)		2,426
Other ⁽²⁾		289		-		382		1
Net gains on commercial loan originations and sales		-		-		-		11,031

Total commercial mortgage banking activities:		6,486		3,538		12,300		16,284

Mortgage Banking Activities, Net	$	17,872	$	(8,698)	$	23,950	$	85,562

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

(2)	Amounts in this line item include other fee income and the provision for repurchase expenses, presented net.