Mortgage Banking Activities

12 Months Ended

Dec. 31, 2014

Note 18. Mortgage Banking Activities

The following table presents the components of mortgage banking activities, recorded in our consolidated statements of income for the years ended December 31, 2014, 2013 and 2012.

Components of Mortgage Banking Activities


	Years Ended December 31,
(In Thousands)	2014			2013			2012
Residential mortgage banking activities:
Changes in fair value of:
Residential loans, at fair value	$	51,256		$	(10,493	)		37,762
Sequoia IO securities		(23,839	)		42,451			(11,702	)
Risk management derivatives ⁽¹⁾		(23,277	)		47,786			(10,609	)
Loan purchase and forward sale commitments		13,891			(399	)		—
Net gains on residential loan sales		—			—			19,713
Other ⁽²⁾		3,467			47			274

Total residential mortgage banking activities:		21,498			79,392			35,438
Commercial mortgage banking activities:
Changes in fair value of:
Commercial loans, at fair value		20,789			8,694			—
Risk management derivatives ⁽¹⁾		(7,890	)		3,376			—
Net gains on commercial loan sales		—			11,031			1,155
Other ⁽²⁾		541			1

Total commercial mortgage banking activities:		13,440			23,102			1,155

Mortgage banking activities	$	34,938		$	102,494		$	36,593

(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.