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Mortgage Banking Activities, Net | 9 Months Ended
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Sep. 30, 2021
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 (loss) for the three and nine months ended September 30, 2021 and 2020. Table 19.1 – Mortgage Banking Activities
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Residential Mortgage Banking Activities, Net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans, at fair value (1) |  | $ | 27,862 |  |  | $ | 12,589 |  |  | $ | 75,496 |  |  | $ | 19,151 |
Trading securities (2) |  | 32 |  |  | — |  |  | (342) |  |  | — |
Risk management derivatives (3) |  | 3,963 |  |  | (10) |  |  | 37,187 |  |  | (31,304) |
Other income (expense), net (4) |  | 1,089 |  |  | (715) |  |  | 3,305 |  |  | (7,069) |
Total residential mortgage banking activities, net |  | 32,946 |  |  | 11,864 |  |  | 115,646 |  |  | (19,222) |
Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Single-family rental loans, at fair value (1) |  | 18,461 |  |  | 43,191 |  |  | 54,675 |  |  | 56,209 |
Risk management derivatives (3) |  | (424) |  |  | (89) |  |  | 930 |  |  | (21,627) |
Bridge loans, at fair value |  | 3,433 |  |  | 938 |  |  | 6,702 |  |  | (4,256) |
Other income, net (5) |  | 8,747 |  |  | 3,491 |  |  | 22,236 |  |  | 13,407 |
Total business purpose mortgage banking activities, net |  | 30,217 |  |  | 47,531 |  |  | 84,543 |  |  | 43,733 |
Mortgage Banking Activities, Net |  | $ | 63,163 |  |  | $ | 59,395 |  |  | $ | 200,189 |  |  | $ | 24,511 |
(1)For residential loans, includes changes in fair value for associated loan purchase and forward sale commitments. For single-family rental loans, includes changes in fair value for associated interest rate lock commitments. (2)Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our residential mortgage banking operations. (3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations. (4)Amounts in this line item include other fee income from loan acquisitions and provisions for repurchase expense, presented net. (5)Amounts in this line item include other fee income from loan originations.

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