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Mortgage Banking Activities, Net
 9 Months Ended
Sep. 30, 2016
Mortgage Banking [Abstract]  
Mortgage Banking Activities, Net
Mortgage Banking Activities, Net
The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three and nine months ended September 30, 2016 and 2015.
Table 18.1 – Mortgage Banking Activities
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In Thousands)
 
2016
 
2015
 
2016
 
2015
Residential Mortgage Banking Activities, Net:
 
 
 
 
 
 
 
 
Changes in fair value of:
 
 
 
 
 
 
 
 
Residential loans, at fair value (1)
 
$
12,671

 
$
36,183

 
$
47,456

 
$
54,375

Sequoia securities
 
—

 
—

 
1,455

 
(14,359
)
Risk management derivatives (2)
 
(3,287
)
 
(37,029
)
 
(22,743
)
 
(35,842
)
Other income (expense), net (3)
 
382

 
1,177

 
606

 
3,209

Total residential mortgage banking activities, net
 
9,766

 
331

 
26,774

 
7,383

 
 
 
 
 
 
 
 
 
Commercial Mortgage Banking Activities, Net:
 
 
 
 
 
 
 
 
Changes in fair value of:
 
 
 
 
 
 
 
 
Commercial loans, at fair value
 
—

 
3,974

 
433

 
10,819

Risk management derivatives (2)
 
—

 
(3,081
)
 
(2,538
)
 
(7,832
)
Other fee income
 
—

 
109

 
43

 
336

Total commercial mortgage banking activities, net
 
—

 
1,002

 
(2,062
)
 
3,323

Mortgage Banking Activities, Net
 
$
9,766

 
$
1,333

 
$
24,712

 
$
10,706


(1)
Includes changes in fair value for associated loan purchase and forward sale commitments.
(2)
Represents market valuation changes of derivatives that were used to manage risks associated with our accumulation of residential and commercial loans.
(3)
Amounts in this line item include other fee income from loan acquisitions and the provision for repurchases expense, presented net.